Full text of Commercial and Financial Chronicle : March 1, 1890, Vol. 50, No. 1288

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I

HUNT'S MERCHANTS' MAGAZINK,
REPRESENTING THE INDUSTRIAL AND COMMERCIAL INTERESTS OF THE UNITED STATES

VOL.

SATURDAY, MARCH

60.

1.

NO.

1890.

1,288.

The reduction from the previous week in the aggregate for
the clearing houses is due to the loss of one day's business

all

through the observance of Washington's Birthday. Speculaon the New York Stock Exchange displayed more activity,
the dealings exceeding those for the preceding week.
Compared with the corresponding week of last year, which
also covered only five business days, there is a gain in the
whole country of 5'1 per cent, the increase at New York reach
ing 5'5 per cent, while outside of this city the excess is 4-3 per
cent. As for some weeks past, Fort Worth leads in percentage
of gain with 154-7 per cent, and is followed by Sioux City
Subscriptions will be continued until deflnitely ordered stopped. The 134-6; Tacoma, 1019; Lexington, 802; Dallas, 80; Galveston,
pnblishers cannot be responsible for remittances unless made by drafts 71-7, and Washington, 44 per cent.
or Post Office money orders.
Week Endino February 82.
Week BTid'g Feb. IS.
Terms of Adyertising.
Advertisements ordered for less than one month, in the Commercial

—

Terms

of Subscription Payable in Advance:
For One Year (includlnK postage)
$10 20
For Six Mouths
do.
6 10
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6 75
Annual Subscription in London (including postage)
£2 8a.
Six Mos.
do.
do.
do.
£1 9s.
These prices include the Investoks' Supplement, of 150 pages,
issued once in two months, and furnished without extra charge to
sabscribers of the Chronicle.
A flle cover is furnished at 50 cents; postage on the same is 18
cents. Volumes bound for subscribers at $1 OO.

tion

.

& Financial Chronicle, are published at 25 cents per line each inserWhen orders are deflnitely given for one month or longer, a liberal discount is allowed, and the net pricet. may be obtained on application at the ofliee. The lowest rates on permanent cards definitely ordered for one year are 8 cents per line each insertion, making $58 for
one inch space one year. Space is measured in agate type— iS lines to
the inch.

P. Cent,

1£90.

P. Cent,

tion.

liondon Asents
Messrs.

Edwards &

Smith, 1 Drapers' Gardens, E. C, will tafee sub
scriptions and advertisements and supply single copies of the paper at
Is. each.

WILLIAM B. DANA.
JOHN G. FLOYD.

WILLIAm

B. DANA Sc Co., PiiblUIicrf),
102 ^Vllllam Street, NEIV YORK.
Post Office box 958

New York
Sales of—
IStocki

sliarei.)
bales.)

(Cotton

(Grain

.bvahels.)

(PttnUwn

bblt.)

Boston
ProTldence....

HRrtford
New Haven....
SprinKtleld

Worcester
Portland
Lowe)
New Bedford.

308 will be found the detailed returns, by States,
Total New England.
of all the National banks, under the Comptroller's call of Dec.
Philadelphia
11, 1889, kindly furnished us by the Comptroller of the Cur. Pittsburg
Baltimore
rency. Previous returns were published— those for July 13, Washington

Chronicle of Sept.
1889, in the issue of July 37, on
1889, in the

7, page 397; those for
page 110.

May

13,

table,

made up by

week and

$1,030,473,320 the corresponding

Clearings.
Seturna by TeletrapK

New York
Philadelphia

Baltimore
Chicago
St. Louis
New Orleans

Seven

days
S days

cities, 6

Other cities,

Total all cities, 6 days..
All cities, iday

Total

Week Ending Search
1890.

*031,906,843
76,387,540
6i,699,136
11,975,377
58,637,000
17,314,588
8,948,280

Boston

all cities for

week

$513,2.50,065

76,274,972

-fO-1

S4,63.'i,009

+18-6
+ir-2
-H--4

9,876,649
49,921,000
16,353,732
10,715,354

-(-180

4,931,753
4.169,640
8,370,000
2.018.888
1.428,871
603.612

84,230,846

78,103,408

-(•7-B

93,960,423

+2-8

11,932.803
BS2,6UU
738,«2M

13,001,320
660,111
300,880

-8-4-9

15.393,074

-flOl-9

-6-0
—15-8
+71-0

13,194,031

13,983.236

-«-9

16,674,826

-8-0

C)t7...,

7,840 ,948

-6-9

4,914,,038

8,448,142
4.316,076
3,711.074
4.430.029
4,212.822
1,813.486
1.615.599
709,230
733.851

-7-5

Minneapolis...

7,891,798
8,193,488

+60-9

551,6U

-|-I4;6

-t-6-7

-6-8

463.889
342,902

T4-0

-t-9-0

81,240,743

+7-5

-1-11-9

+170

+20-9

82,471,870
10,797,978
8,686.496

-8r9

8,804366

—0-1

1,858,144
1,896,262
1,141 .-AS
1,3»«.458
770.631;

+801-4
-23-8

88«1.72«|

+371

Detroit
Cleveland

San Francisco..
Los Angeles ...

St.

Paul

Denver
Duluth

,

Joseph....

Lincoln

Topeka

«983,756,632
209.411,218

$833,175,750
197,297,670

4-18-1

Total Other Western.
St.

Louis

New Orleans...

the various clearing houses at noon on Saturday, and hence in
the above the last twenty-four hours of the week liave to be

Nashville*

32,

with the comparative

totals in 1889.

Lonlsvllle

Memphis..,*...

Richmond
Dallas

Fort Worth...,
Norfolk
Lexington

,

Birmingham*..
Chattanooga*.

*

all

New York
Not Included in

Oatslde

t91

-3-3
-t-I6-8

-r23-l
-t-55
--2-5

-3-4

2,t)12,193

447,,969
400,,000
273,.938

2,591.674
2.73S.290
1,870,083
1,158,614
597.495
876,957
454,778
375,000
293,900

26,540,080

24,319,102

17,620,889
8,821,959
6,919,018
1,823,238
2,053,479
1,992,116

15,744,817'
8,870.207
5.771,018
2,934.683
2,065.119
1,180,427

900.000
922,018
714,774
432,183
2,007,835
752,423
456,810

600,000
362,048

-i-32-0
-I-I0-8
-1-28-6
-I-30-3

—38-0
-4-1
-H8-6
-(-

124-6

—1-3

H-l-S

-1-71-7
-1-80-0

778.8(15

+154-7
-8-8

239,769

-f80-2

J3#)7.009

-(-12-4

14.099,887
1,263,945
802.583

tl2-4
421-8

7.18,610

4,720,05;

559,728
628,023

-(-6-8

-9-9
-1-16-0

-1-87-0

+9-4
+18-4

—H-9

+ra

+24-6
+4-3
+81-8
+21-0

-T9
H-8
-tO-4

-10-7
+13-8
+0-0
-22-8
+37-5
-1-91-9

863.122;
602,087'

42,159,0W

88,226,368

-hlO-8

899,787,694

-t-5-1

341 .300.538

8-27.079.2''fl

totals.

40-5

1,923.41'fl

987,940,891

Total Southern..
Total

-(-I7-B

-H-9

64,508.597

1,480.038
1.771,447

3,832,,795
3,662,,071
1.196,,396
1,111,,333
708,,n4U

,

Des Moloes....

-1-10-7

-(27 4
-(-440

108,205,808

6,808.373

s.in,.170

848 ,780

sioDxatr

-t-191

842,720
723.804
689,e57

704,948

Omaha

$729,927,681
103,248,069

11.138.2(12
9.e«4.2;)5

-H7
^2-3

.

Total Paclflo..

Kansas

Galveston

noon February

•+5-0
-19-S

-0-1

MllwHukee

C8e9.4»6,761
114,289,768

in all cases estimated, as we go to press Friday night. Below
are our usual detailed figures for the previous week, that is
covering the returns for the period ending with Saturday

-1-7-4

-+4-1

Wichita

We

-I-10-6

-(10-7

62.368,702
11.344.M10

-18-5

week.

-(-11-7

-f4-5
-1-86-7

95,214,661

St.

full details

5

-5-8

-r7-6

$1,193,167,750
$1,030,473,320
-H5-8
of clearings for the week covered by the
above statement will be given next Saturday.
cannot, of
course, furnish them to-day, bank clearings being made up by

The

-t400

-i-11-8

-(1-4
-1-15-8

•f5-6
-(21-0

+ 12-8

-I-6-1

-)-4

&02,4«6
665.499
328,374

-fSO

95,053,471
4.996.800
1,974,044
1,209.674
1,678.650
1.041,914
1,004,612
794,494
463,244

61.949,n56
9.210.9U0
4.583,609
3.551.502
3,IB7.(«4
2.101.313
1,610.289
l,4a0.835
477,»-5

Seattle*
-)-231

862,>!13

-5-5
-f41

-H8 7

80,965,845

Portland*. «..

1889.

aoi,-i73

1,130,59;

4.364.300
1,429.915
857,481
949.314

1-902)

54.845.648
11,146,150
4,432,524
4,149,228
3,928,578
2,217,000
1,569.938
1,882,757
564,027

Tacoma

1.

81,194,3(>5

-5-3

(1.210.333) (-29-5)
1783.900) (-1-157-21(46,573.4451 (-I-91-7)
(2,208.000) (-69-8)

87,115,467

Wilmington, Del.,
Syracuse

Cincinnati

last year.

7«,726.454
4,543,300
1,«9S,S40
887,981
1,061.728

-)-132-l|

679,H61,490

01,452,327

explained on this page in our issue of October 26 and previous
Columbus
numbers), indicates that the total bank clearings of all the iDdianapollB....
Peoria
clearing houses of the United States for the week ending to- Qrand Rapids...
day, March 1, have been SI, 193,167,7.')0 against $937,940,891,
Total Middle Western
last

(-1-46 8)
(-t-27-1)

68,082.1W

Chicago

telegraph, etc. (as fully

f5-5

(1.059,280)
(837,400)
(14.886,S45)
(16,000,000)

60,763.854
11,386,035
12.310.986
1,213,708
852,221
559.183
6,460.797

Total Middle..

The following

565,708,308

(1,553,136)
142H.900)
(33,3X0,862)
(1,570,000)

88,085,042

Buffalo*

CLEARING HOUSE RETURNS.

596.640.S5.S

748,388
3B0,«»3

I

On page

{

62,045,1151

+9-0

1.077,193.030

-2-8

»«7.g31.570

-t-3-5

CHKONICLK

'IBF

292

every

THE FINANCIAL SITUATION.
The money market has been more

of

line

I

business.

It

reported

is

Vol. L.
that

the

amount is largely due in the first place to the
that in some branches of trade it has been found

increased

active this

week

It is not necessary to look
•with rates' tending upward.
accumulations of curGovernment
cause
the
far for
rency; which haVe been in progress the last twenty days,
added to the drain to the interior disclosed by the last
bankfrettarn, left no chance for any different movement.

The report of the Clearing House institutions made
public a week ago showed that the reserves had been
drawn down to an unusually low point for this season
of the year ; the whole surplus they had at that date

fact

necessary to extend the credits beyond previous limits

and paper
reason

is

now made

is

another

to bridge this difficulty;

the slow sale of certain classes of goods because

of the mild winter so that the proceeds of these notes are
needed to pay for spring merchandise. The demand,
however, is just now light, none of our city banks
being in the market and out-of-town buyers purchasing
Consequently rates are higher. Quotations
sparingly.
are 5@o^ per cent for sixty to ninety day endorsed bills

was $3,700,800, whereas three of the leading banks

receivable, o^@6 per cent for four months acceptances,
among
a
and G@7 per cent for single names having from four to
reported $4,878,200,
Furthermore, the close of a month six months to run..
large number.
always brings some additional requirements due to preThe Bank of England rate remains unchanged at 5 per
parations for payments at the opening of the new cent, but during the week the Bank of Germany has
month. On this occasion the arrangements for the reduced its rate to 4 per cent. The cable reports dispayment of the 6 per cent trust bonds of the Louisville counts in London of sixty to ninety day bank bills at
& Nashville ER. and the settlement for its new issue 4 per cent. The open market rate at Paris is ?4

indicating a shortage

of stock were prominent illustrations, though the man.
agement of that road wisely divided and extended tiie

payments

for the stock so as to

make

per cent, and at Frankfort and Berlin it is 3f per cent.
The Bank of England is reported to have gained this
the operation as week £534,000 bullion a special cable to us states that
;

To-day the
due, and it is

little disturbing as practicable.

interest

this

was

the

of

result

imports

France

from

and

stated

"bought " in the open market of £306,000, of receipts
on the 4|
"Washingyesterday
at
mailed
checks
were
the
from
the interior of Great Britain of £268,000, and of
that
The whole amount of the interest is, however, exports to the Cape of Good Hope of £50,000.
ton.
per

cents

is

only about IJ million dollars, so that the relief through
Our foreign exchange market has been unsettled and
We must presume that has continued to decline this week. On Monday the
that means cannot be great.
the Government expects to make much larger disburse- leading drawers posted 4*83 for sixty days and 4-8? for
ments this month than it did in February or it would sight, while others posted 4-82i and 4-86^ for long and
have contrived other ways of getting out its accumula- short respectively. On Tuesday the rates of all bankers

were made uniform at the lower figures named. On
Wednesday Brown Bros. & Co. reduced their quotaaccumulations
its
late
portion
of
out
a
good
does not put
tions to 4-82 for sixty days and 4-86 for sight, and on
and also its current surplus through March, money no Thursday the Canadian banks reduced their rates to the
doubt will work closely. Of course the interest on the same figures, Kidder, Peabody & Co. remaining half a
tions.

The

prevailing opinion

to be close until

we

is

that

get into April.

money

If

is

likely

the Treasury

4 per cents has to be met the first of April, which will be
about 6i million dollars. As the Secretary stated the
latter part of January that his balance was then as
small as he thought it wise to make it, we must
assume that of the net accumulations in February and

cent higher.

reason for anticipating the payment.
On account of the condition of the bank reserves,

ing the Louisville

those institutions have been out of the market to a
Tery large extent. Bankers' balances have been almost
the only reliance for call loans at the Stock Exchange,
the range for which has been 10 and 3 per cent, and the

have also helped the decline.

Yesterday there was a further reduction.
Co. posting 4-81i and 4-85i for long
and short, the Canadian banks following with the same
The influences operating have been in all rerates.
spects similar to those referred to last week. Offerings of
March an amount equal to that interest will not be bankers' bills against negotiations of bonds and stocks
disbursed until April 1, unless Mr. Windom should see have been freer than then, notably among the latter be-

Brown Brothers &

The

easier

money

&

Nashville issues mentioned above.
London and closer money here

in

But the

fact that the

trade balance is so largely in our favor makes every
influence adverse to the market, however slight, quickly
The Bureau of Statistics has this week issued
felt.

Renewals have also the complete figures of our foreign trade for January,
about 5 per cent.
been at 5 per cent, and 5 per cent is the minimiim now and the condition is much more satisfactory than anticicompanies. pated, the merchandise balance being $12,364,000.
for call money with banks and trust
For time money the demand has been good, but We subjoin our usual detailed statement.

average

the supply, for the reasons already stated,

is

very

rORBION TRADE MOTEMKKT OF THE UNITED STATES— (OOOs

Omitted.)

what there is comes chiefly from foreign
Silver.
OOLD.
MEBCHANDISE.
bankers and from institutions other than banks Steen
Excttt
EXCMS
,„
Excew
ExExcompanies.
The rate for sixty to lion. E3;iH>rt>. ImporU. of port*. ports.
trust
of
and
portt
^^"jar
porta.
Import*.
Export*
ninety days on first class collateral is 5 per cent,
*
t
$
*
%
*
t
i
f
8990
for four to five months it is h\ per cent, and for six July... 32.268 rl,787 •19,629
861
835 5,282 +4,447 2,633 1,761
78 4,339 1.528 2,701
420
188
months 6 per cent. A loan was made at 5^ per cent for Aug... 59.735 6.5.068 •3.343
290
2,117 2.614 1.390 1,234
64.096 33.C88 11 810 2.407
Sept...
4.137 1.854! 2,483
797 2,233 + l,43C
sixty to ninety days, but it was on a grade of collateral Oct.... 9».839 t;8.7« 29,090
3.831 2,390 1,138
1,198
570
Not... 93.7U 58.995 34,719 1.774
Loans on mixed security are
a little below first class.
992 3,833 2,679 1,243
S13
Dec... 9e,90l' 3!»,90-i 36.997 1,305
596 3,147 1,406 1,74»
461
not regarded with favor by lenders, because of the de- Jan.... 73,359 U-J,896 12.804 1,057
+903 24,395 12.713 11,682
9,5751
99.fl08| 8,073
441.081
Total
340.092
stocks
which
have
heretofore
been
certain
called
cline in
8S-S9 434.198 421.U3 33-055 6.589 t9.330|+l2,761j20,251 1 .313 8,938
good margin collateral, and consequently there are no H»-S^ 44»,9fl2|409.8.';2 38,11039.289 2.007 36.682 ir,613 10,141 7,302
45».327 386.791 rC'iSOj I0.-151 3.16S 3r.283i 5.973 0.936! 3,046
quotations for loans other than those on prime.
As to S6-X»
83-8ti 409.903 334,261 55,841:18,055 6,790 11,265 19.419 ll,882l 8.037
commercial paper, the market is well supplied with 84-85 486.38C 338.720 14roeol21,470 2.7ir 18,7551 19.314 10,331 8,983
E xce38 I expo rts.
an assortment of first-class names representing almost
•Ex C«8B Of 1 mporw.
limited, and

1

1

t

1

March

THE CHRONICLE.

J, lt!«0.j

The foregoing discloses a wonderful change compared with previous years. By running the eye down
the third column of figures, showing the excess of
merchandise exports, this will be quickly observed.
That, however, docs not disclose the whole of the
improvement, since silver exports make a larger item
than in any other year. Altogether, including gold
and

silver,

the net exports for the seven months of the

year now reach $112,193,000.
has been said of a falling off in business activity
since the beginning of the year and some efforts have
been made to create the impression that the trade situ-

current

fiscal

Much

ation was becoming quite unsatisfactory.

Some

author-

even pride themselves upon having been the first
to detect and give notice of such a change in business
conditions, and reports are not infrequent to the effect

ities

that the volume of trade is below that of a year ago.
But the evidence that comes to hand does not at all

confirm these statements.

It

is

true that in certain

departments of trade a somewhat less confident tone
has prevailed, the iron and steel industry being a
notable example.
This, however, relates to prices and
It is also true that
not to the volume of business.
the mild weather has been a drawback in special
lines, and that there has been a diminished consumpIt is further correct to say that the martion of coal.
gin of profit is very small, that prices of Western farm
products are low, and that the speculative spirit is entirely
absent. But this has been the situation for a long time past.
In the face of it all, the most conspicuous fact which
confronts the student and investigator is, that, so far
from the volume of business as a whole being below
that of a year ago, when it was large, there is a further
decided increase.
The return of the Pennsylvania Railroad for
January
furnishes
striking
evidence
of
this.

The gain in
month in 1889

gross

earnings

over

the

same

reaches the large sum of $C1.3,.5G5,
about IS^- per cent.
When the road showed
such large gains last autumn it was hardly expected

or

that the improvement could be continued at the same

month after month till the present time, for it was
argued that in the autumn business was always more
active than at other periods of the year; hence, that as
soon as this special activity ceased, the returns of
earnings would become very much less favorable.
That
there should be for January another such heavy
increase has consequently to many persons come very
much in the nature of a surprise. If it were a AVestern
.system that was making this exhibit the crop movement might be regarded as chiefly responsible for it.
But the present figures do not cover any Western lines
at all
merely the Pennsylvania system east of Pittsrate

—

burg and Erie.

It is further to be

the Pennsylvania's

remembered that

in

293

in the very large increase in earnings reported by the

& Ohio last week.
may be claimed that as

Baltimore
It

cover the

month

the figures under review

of January, they

do not reflect present
was during January that the trade aclleferring, however, to th&
counts were gloomiest,
month just closed, our weekly statements of earnings
are of the same favorable nature.
In fact, for the
latest week (3d week) the percentage of gain is the
heaviest of any week of the year, reaching 15'5T
For the second week of February
per cent on 51 roads.
the gain is 11"02 per cent on 84 roads, and for the
first week 13 '40 per cent on 86 roads.
Moreover, these
gains follow gains last year, the increase then having
been 7-93, 13 '29 and 5*65 per cent respectively in the
1st, 2d and 3d weeks.
There are some further features with regard to the
Pennsylvania's results worth bringing out. The increase
of $613,505 comes after an increase of $334,707 in 1889,
thus making the expansion in two years almost a milfor one month.
Not only that, but there
lion dollars
had been an increase in 1888 of $342,208, in 1887
In other words
of $430,235, and in 1886 of $144,014.
the road bias shown large and uninterrupted improvement
conditions.

It

—

year by year ever since 1885, so that the total of $5,142,-

311 for January, 1890, compares with only $3,277,522

The lines west of Pittsburg & Erie
have also done well, for the surplus above charges is
reported at$173,908Jor 1890, against $54,301 for JanuAltogether, net results on the combined
ary, 1889.
Eastern and Western lines record an im.provement over-

for January, 1885.

last

year of $344,917.

Jaxuaht.

1890.

Peniisylvai.ia.

1

1889.

1888.

1887.

l^Se.

?

«

3.851,77)

3.181,936
2.469.995

1

1885.

t

4.628.':48

Operat'g expenses

*
5.142.311
3.83«.2e6

3.447.950

t
4,183,919
8,188.089

Net earnings...
Western lints

1,309.<'48

1.0S0.T96

1,005,920

1.214,S51

931.811

990,574

-i

1-3.9(58

+64,301

+5?.8:;l

+151.951

-133,e«7

-42.807

1.4'O.OU

1,136.09:

l,003.»5lt 1.S69.S02

817.851

947.767

GroMeHrnlngs

Besnlt

(

8.«37,4w0

S,'477.62*

8.2«6.«48

Other roads likewise present very satisfactory exhibits:
of net earnings for January.
We referred last week tothe good returns of the Baltimore & Ohio, the Richmond & Danville, &c. This week the Burlington &
Quincy reports net of $813,132 for f January, 1890,
against $453,878 for January, 1889, and the Central of
Georgia $311,554, against $230,700, the increase in

on the

gross
folk

latter

& Western

road being $183,272.

The Nor-

reports net of $192,377 against only

$110,678 in January 1889, being a gain of $81,098,.
or 74 per cent. The Norfolk & Western is a road which
has been steadily enlarging its receipts for a long time
past, and yet in the whole of 1889 the gain in the net

was only $216,101.

The Northern

Central, one of the

roads controlled by the Pennsylvania, has net of $195,398, against $149,518; the Baltimore & Potomac $34,-

forms a very important 056, against J 32,892; the Mexican National, $83,018,
item, and tha demand for anthracite coal at least was against $43,705; the Canadian Pacific, $188,804, against
greatly reduced, so it is fair to presume that there was $150,963; the New York & New England, $128,244,
a falling off as compared with last year in that kind of against $90,400, and the Big Four (Cleveland Cincinfreight.
The improvement shown occurs notwith- nati Chicago & St. Louis), $315,000, against $217,000.
standing that fact. Nor can the good return be Even the Philadelphia & Reading, an anthracite coal
referred to better rates, for on the trunk lines tariffs carrier, is able to report a gain ($103,428) in gross
are no higher than a year ago, and of course earnings for January, though the net earnings are
there
has
been
no special
traffic
from the slightly less $20, 005 less. The Erie, another coal road
trafiic coaJ

—

carriage

of

construction

materials

new

and

shows $231,494 increase in
building continues on a comparatively gross and $69,942 in net. The Union Pacific, bowsmall scale.
There is but one way, therefore, to ac- ever, by reason of the snow blockade during Januarycount for the heavy gain in earnings, and that is loses $183,880 in gross and $233,595 in net.
since

for

roads,

also a trunk-line road,

railroad

through the great manufacturing activity prevailing,
the effect of which same circumstance was also seen

We

have also this week obtained the December return

of the East Tennessee Virginia

&

Georgia.

December

THE CHEONIGLE

294

completes the first half of the company's fiscal year?
and in view of the increased prominence given to the
road's affairs by the proposition to buy the Erlanger
system, the following results for the month and the six
months will be found interesting. We should say that
the figures include the operations of the Knoxville &
Ohio in both years.
Dtetmber

July

X. Tenn.Va. i Oa.'
1889.

t

December

1 to

1889.

Increate.

1888.

31.

Increase.

1888.

t

Gross eaminfffl
Oper. expenses

638.220
371.399

1
497.741
336.111

140.479
35.288

2.054.414

1,941,554

t
670,202
112,860

Netearalnes

266.821

161.630

106.191' 1,476.181

1,018,819

457,342

*

*
3.630.S75

1

8.960,378

[Vol. L.

CURRENCY AFLOA T AND BANK HOLDINGS.
We

have obtained and publish this week (on page
summary of the National Bank
returns under the last call of the Comptroller.
The
308)

the complete

returns are pretty old now, the date of the call being

December 11, 1889, but this is the earliest week we
could procure the figures. Besides, though not recent,
they are the latest, and have an interest even at the
present

moment

—a practical interest touching the

ques^-

tions of to-day.

The

feature which

first

strikes

the attention on an

examination of these returns is how nearly stationary
&
Thus net for December stands at $266,821, against the holdings of currency by the banks are. Making a comparison between the reports obtained in De$161,630, and for the half year at $1,476,161, against
Ohio leased line In both years.

Figures Include Knoxville

"

cember of the last two years, we find that the total
gold, silver and legal tenders (legal tenders covering
bank
notes, and all the currencies named covering the
The course of the stock market continues unsatisfaccorresponding
certificates) differed at the two dates
tory.
There is very little doing, but the tendency of
only
a
little
over
100 thousand dollars, the currencyprices is downward.
The outside public is completely
$1,018,819, the improvement in the one case being 65
per cent, and in the other 45 per cent.

absent, and operators for a decline are active in attempts

holdings for December 11, 1889, being $264,625,356,

to unsettle values and bring about general demoraliza- and for December 12, 1888, being $264,509,338.
tion.
There have been no further rate reductions in This very small change is the more marked when we
features of
the
returns.
Thus,
the "West, and railroad earnings, as is seen above, are in contrast other
for instance, during the twelve months referred to,
the highest degree encouraging.
Apprehensions, however, seem to exist as to the future of money, though the number of national banks increased 176, the amount
foreign exchange rates have again declined this week. of national bank capital and surplus increased
There have also been some special disturbing features $35,208,241, and individual deposits increased $105,That is to say, the same amount of currency
in a further sharp break in Tennessee Coal & Iron 137,069.
did
the
bank
business at the two dates, although there
stock, and in heavy selling of -Union Pacific stock
the
had
been
in
the
interval these additions to the numlatter in anticipation of the unfavorable statement of
ber,
capital
and
deposits
of the whole system.
earnings for January because of the snow blockade.
Or
carrying
our
comparison
further back we find a
The coal stocks, notwithstanding the continued mild
like disparity between the development of these national
weather, have been about as firm as any on the list.
The following gives the week's movements of money to banking organizations and the enlargement of their

—

and from the

by the

interior

New York

banks.

Received by
Shipped by
r. Banks N. r. Banks.

(Veek fndino Feb. 28, 1890.

Net Interior
Movement.

tr.

Cnrrenoy..

Gold
Total sold and ]eg&] tenders..

lt.l85.000
210,000

11.410.000
300.000

TiOSS.

(225,000

Loss.

9:),ooo

tl,895.000

11.710.000

Loss.

1315.000

With the Sub-Treasury

operations

the result

is

as

follows.
Feb. 28. 1890.

Into Banks.

Net Change in

Out of Banks.

Bank Holdings
Banks Interior Movement, as above

tl.3 95.000

7,800.000

11,710,000
10,100,000

t9,195,000

tll.HlO.OOO

Sub-Treasnry operations
Total gold and legal tenders....

Loss

tsis.ooo

Loss.

2,300,000

Loss. t2.615.000

Bullion holdings of European banks.
February

February

27, 1890.

Bunkte/
Sold.

S«tieT.

1

Total.

^

Sold.

£

23,436.725

France

Germany

28,085.331 14.042,666
6.436.000 18,247.000
4,807.000 6.890.000

An8t.-BunK'y
Netherlands..

Nat.BelKinm

8,754.000

week

Tot.prev.Wk.

42,128.000

1,877.000

2i, 1889.

anver.

£

23.438.723

50.f.74.000 49.913.000
100.017.000

lotal.

£

£

21,787,822
40,378,000 49.293,000
31,107,33) 15,553,667

21,683.000
10.497.000

6.095.000

7,268,000

4.131.000

2.835.000

1,317,000

5.7:i3.000 16,534,000

21,727.822
89.666.000
46.681.000
21,269,000
12,883,000
3,952,000

114,693,059 87.299.688 201.892,725 106.673.155 88,965,667 195,638,832
113,501.311 S6.971.00O 200,562.311 106.790.129 89,019,841
195.809,970

The Assay

paid $237,794 through the Sub.
Treasury for domestic bullion during the week, and the
Assistant Treasurer received the following from the
Office

Custom House.
Oontisting
Vate.

U.S.
Nole$.

"

"
•'

"
«

22.
24.
25.
26.
27.

Totel.

$387,603 61

turning to December 24, 1885

December returns

$85

$20,250

Gold
Oertiflc't.

Silver Oertiflcatei.

»39,700

$7,250

these national

that

institutions

against

date,

aggregated $244,704,819
the
$264,625,356
on

December 11, 1889. In this case, therefore, the
show a gain of a little less than 20 million dollars of currency in the four years.
But during that
time the number of banks has increased from 2,732 to
3,326, the capital and surplus from $679,516,275 to
$816,348,958, and the individual deposits from $1,111,figures

429,915 to $1,436,402,686. To set these facts clearly
we have prepared the following brief

before our readerg

summary

of the items referred to, taken

from the

official

returns.

DECEMBEB BETPRNS OF NATIONAL BANKS.
Dec. 11,

Ourrencu—
1889.
Gold coin and cert's
$149,318,731
SUver coin and cert's
21,770,731
Legal tender and ctf s dep
93,535,894
.

Total' currency

Xumber^ Capitalj
Number of banks
Capital and surplus

1889, of about

tte.

—

$264,625,356

5^^

Dee. 12,
1888.

Dec. 24,

$153,558,608
19,175,670
91,775,060

$156,353,588
9.000,765
79,350,466

$264,509,338

$244,704,819

1885.

3,326
3,150
2,732
$816,348,958 $781,140,717 $679,516,27*
1,436,402,688 1,331,265,617 1,111,429,915

increase on

per cent in the

number

December

11,

of the banks,

4^ per cent in the capital and surplus, and nearly 8 per
cent in the individual deposits since December 12,
1888; and an increase of about 21J percent in number, 20^ per cenfc in capital and surplus, and 29J per

90
24

1,210

56
54

320
780

12.050
15,550
8,500
18,450

63.300
82,960
24,400
96,000

4,400
5,500
4,550
13,350

cent

$2,907,558 88

92,615

*74,800

9306,360

$35,050

And

190

in that year), it is

found that the holdings of every kind of currency in

Individual deposits

of—

Hon day
564,559
798,556
289,711
867,127

Thus,

(the date of the

The foregoing shows an

Dutie:
Bold.

Feb. 21.

our currency.

at

Week endino

Tot.thls

currency holdings. It is well to make this further comparison because of the bearing of the facts we are citing
upon the question of the character and sufficiency of

in individual deposits, since

December

24, 1885.

yet with such growth in capacity for doing busi-

March

1,

'JTBE

1890.]

ness and iu actual business (as the

CHRONICLK

addition to indivi-

dual deposits proves) and therefore in currency requirements, the holdings of currency were added to in a
mere trifling amount during 1889 and in less than 20
million dollars since

Two

December

24, 1885.

bo stated which will throw light
on the general condition of the currency and make
So far, the results
these comparisons more complete.
in
bank
for the larger
tools
given suggest a lack of
other facts

may

The

transactions.

this deficiency last

trade of the country experienced

December, and

if

we could add the

returns of the State banks, the evidence of the deficiency would be still more striking. Now, the first of

the two facts referred to is that, while all this growth
in the banks and in their business has occurred with but

a trifling increase in the holdings of currency, the total
currency outstanding in the whole country has been
added to very considerably. It is not therefore a dearth
in the

On

country at large, but a dearth in the banks.

295

and silver certificates, although among the assets of the
same banks we find $3,334,679 of gold Colorado, the
largest silver producer in the United States, with 41
national bankji, held at the same date but $193,869
silver dollars and silver certificates and $1,846,323 gold
and $1,099,863 legal tenders.
Another explanation which some men will no
doubt urge is that trade is active and
more
than 37 million dollars of new currency supply is
needed annually to meet the want when business is
progressive.
Perhaps that may be so, but it is a condition which does not tally with the experience of other
nations.
Explain how it happens that Great Britain
can decrease its currency materially (as we have several
times shown it has during past years), and yet grow
rich and enjoy as it is now doing as active and as prosperous a cycle of trade as any nation ever had. To us
the facts, so far as they are disclosed, tried by the
world's current and past experience, point unmistakably to a defective system and not to a lack of currency
;

the 1st of January, 1890, the amount of currency
afloat
that is, in active circulation (all kinds) was as the source of the irregularity we are suffering from.
$1,430,909,455; on the 1st of January, 1889, it was II,-

—

—

406,353,927,

and on the

$1,282,605,892,

1st of

January, 188C,

it

was

In other words, the increase in the

SITUATION OF ALTON AND GOVERNMENT

RAILROAD POLICY.

outstanding circulation was about 24^ million dollars
in 1889, and in the four years since 1885 (that is, since

ilooJ'

According to the report just submitted, the Chicago
January 1, 1886), it was ovqr 148 million dol- & Alton in the calendar year 1889 earned in full its
lars, averaging 37 million dollars a year.
Under the conditions which have
regular dividends.
But there was another fact we had in mind, which surrounded railroad traffic and which still prevail, such
if added to the foregoing makes the situation even a result must be regarded as highly satisfactory.
We
more remarkable. For it seems that on the first all know that the Alton owes its exceptional good forof January, 188G, there were only $145,721,036 of tune in this respect to the exceptional policy which has
silver dollars and silver certificates
afloat, whereas for so many years been pursued in its management.
on the first of January, 1890, the amount of On the other hand, evidence is not wanting to show
the same had been increased to $349,802,001, and that the unfavorable developments of the last few years
yet all that the national banks in the country held have proved very trying to the company.
Of course,
at the former date was $9,000,765, and at the latter with a road kept as the Alton has been kept, economy
date $21,770,731.
That is to say, notwithstanding in operations such as a restricted income enforces, is
this extraordinary expansion in silver dollars and silver possible without involving the least deterioration in the
certificates afloat, aggregating over 204 million dollars condition of the property.
For the same reason
in the four years, all the increase the banks report as smaller appropriations out of earnings for additions and
holding the first of last January was a little over improvements than in some former years, possess less
12f million dollars. The banks were lacking currency than the ordinary significance. And yet differences
for transacting the business which their larger capital like these have an obvious and important bearing on
and larger deposits made evident, while the country the situation, for they are the characteristics which
was flooded with a new kind of currency, but for some indicate the relative prosperity of different years.
reason only a very few millions of this new currency
The feature which will perhaps attract the most
fell to the share of the banks.
attention in the 1889 results, is the very small changes
It will of course be at once asserted that the banks in gross and net earnings as compared with the year
must have discriminated against this silver cur- preceding. The increase in gross is only $5,151; in the
rency, that they would not have it, and hence the net the increase is somewhat larger, on account of a refamine.
Not at all. There is nothing to prove that duction of expenses, and yet amounts to only $101,500.
statement.
Any one can deposit any kind of currency In these small variations in its income, the Alton
in any bank in the United States.
Silver and silver stands almost alone among the prominent Western
certificates are taken just as freely as gold or legal ten- systems, for the most of such systems show very heavy
ders.
Indeed, our city banks deposit at the Sub- gains either in net alone or in gross and net combined.
Treasury during the busy season of every year large If, in the year preceding, the Alton had been an excepamounts of gold to get a transfer of silver certificates to tion to the general rule, and had reported no decline in
the interior.
The last two years the demand for these income, the, slight improvement reflected in 1889 might
certificates has been very active, and much of the time not be particularly noteworthy.
In point of fact, the
.j.they could not be supplied fast enough to meet it.
Alton in 1888 suffered just as the other leading systems,
^^^"^
'^^^
^6® what and whom this idea of discrimina- losing $1,429,921, or about 16 per cent, in gross reztion involves.
There is California, Colorado, Montana, ceipts, and $827,803 in net receipts. The position of
Nevada wlio would dare to charge a leaning in those the Alton as regards the other roads therefore is this:
sections against the white metal, doubly precious to these latter in 1889 managed to recover part of their
every inhabitant as we must presume from the votes 1888 loss; the Alton, on the other hand, notwithstandand speeches of their representatives in Congress ? ing its control remained in the same hands which have

—

And

yet California with 37 national banks on

11, 1889, held

altogether only $265,953

December guided

silver dollars

it

so successfully in the past,

scarcely any of

its

previous

loss.

was able to recover

THE CHRONICLE.

296

[Vol. L.

In the present report President Blackstone, who had suffice to meet interest charges on the cost of the
made some striking and inter- new mileage.
However, we are not obliged to avail ourselves of this
esting observations upon the policy of the State and
National governments in the treatment «f railroad cor- argument in the present instance, for while the freight
porations, returns to a discussion of the subject, and statistics very conclusively show a falling off in traffic
presents an elaborate and exhaustive review of the in 1889 as compared with 1888, the falling off occurs
whole matter, which, because of its importance, we give not in the through business but in the local business.
quite at length elsewhere.
Mr. Blackstone traces the The company had shown a sharp decline in both local
history of railroad legislation back to the time of the and through freight in 1888, but in 1889 the amount
granting of the original charters of the earlier and of the latter increased 40,171 tons, while the local
more prominent companies. He points out that under freight further declined 363,940 tons. Now, whatever
those charters the right to make reasonable rates was the value of a system of roads west of the Missouri,
reserved to the railroads themselves, and that where such a system clearly could not add to the local
It is proper to point
that is the case the action of State governments in business east of the Missouri.
fixing rates through Commissions is in violation and out that the local freight in 1889 seems to haveHe refers to the various declined for an exceptional reason. There is a table in
disregard of that right.
judicial interpretations of the law, shows how injurious the report giving the earnings on shipments of farm
and hostile the effects of Government action have been, products from local stations in Illinois and also in
compares the policy of the United States in that respect Missouri, and in both cases there is an increase over the
with the more liberal and considerate treatment year preceding, the total for Illinois being the largest
On the other
accorded the railroads in Great Britain, and finally for the whole nine years reported on.
closes with a suggestion of entire ownership of the hand, as the result evidently of local and special causes>
the coal tonnage transported experienced a most extraroads by the Government, through purchase.
We would not be understood as approving the sug- ordinary drop from a total of 1,639,825 tons in 1888
That circumstance
gestion of Government ownership of the railroad sys- to only 1,000,085 tons in 1889.
tem. But that the suggestion should have been made therefore should not be lost sight of. Going one step
at all, and by a person so eminent in the railroad pro- further, however, we* find that besides coal there are 18fession as President Blackstone, is itself significant, other items which show a smaller aggregate for 1889being suggestive of the condition to which the railroad than for 1888, making 19 altogether, while there are 20
industry has been reduced as the result of unwise legis- which show an increase. Extending the comparison
lation. State and national.
The Alton furnishes a type back of 1888, it is discovered that taking the whole 40
of a very conservatively-managed property.
In the items of freight enumerated, there are but seven very
over-building of new railroad mileage the last few years minor ones which record for 1889 the largest totals of
it has had no part.
Its capital is small, both relatively the last seven years.
How much of the loss in each
and absolutely. Neither the bonded debt nor the stock case is due to a falling off in local freight and how
has been watered.
On the contrary, the actual cost of much to a falling off in through freight we cannot of
the property is much in excess of the total represented course tell, but doubtless both have contributed to that
by its securities. Very large expenditures out of earn- end, and that is an important consideration to bear in.
ings have been made from year to year for improve- mind.
The same conclusion is also enforced by the;
ments and additions, and the system has always been statistics of the passenger movement, recording a decline'
operated with due regard to the public interests. Yet in local and through traffic alike.
Thus, as against
the head of such a property finds it necessary to sug- 67,798,206 local passengers carried one mile in 1887.
gest Government ownership as "a remedy" for exist- the number in 1889 was only 61,927,225, while the
ing evils.
mileage of through passengers fell from 52,203,481 to
The fact is of significance also in connection with 42,072,883.
the lack of recovery in earnings in the late year.
If the result depended on good management alone,
President Blackstone does not use the case of the Alton there would evidently have been an increase rather than a
to enforce his remarks.
His illustrations are drawn decrease. For the Alton is exceptionally well located,,
from the railroad situation as a whole, thus admitting and connects important traffic centres in the heart of
of deductions general in their nature and wide in their the country.
Under ordinary conditions, with the
application.
In truth, however, the Alton itself fur- growth of population and industries, the volume of
nishes the strongest and best evidence of the tendency railroad traffic ought steadily to enlarge.
But the conand effects of the prevailing policy.
struction of so much new mileage has made it necesWhy did earnings in 1889 fail to show recovery from sary to share with other roads the traffic which the
the depression in 1888.
We know of the ready explan- Alton might otherwise have retained itself, and this
ation that some will offer.
By failing to extend its both on local and on through business. Nor has the
system and build new mileage the company has cut mischief ended there.
The decline in rates as tlie
itself off from new sources of traffic, and hence must result of reckless and violent competition and the consee its through business taken away from it
so the stant lowering of tariffs by State authorities, regardargument runs. We gave reasons on a previous occa- less of the effects upon earnings, has been an even more
sion for thinking that the company might be no better serious matter.
Since 1882 the average per ton per
off even if it had built an extensive system of new mile on the Alton has declined from 1*261 cents to
roads west and south of the Missouri River.
In that 0"918, or over 25 per cent. With the Western roads,
contingency it might have some business it does not such a low
the latter is a much
as
average
in the previous report

—

—

^

i

BOW

have, but the existence of the additional new
mileage would still further complicate railroad affairs,

and make even more
tenance of rates.
question

whether

than at present the mainUnder such circumstances, it is a
the new business obtained would

!

I

difficult

\

more

important

roa,ds.

On

the

matter

-with

^he

Centr^^l

the

than

New York

,

Eastern
ayerjage

year 1889, was about onc-aixth lower
than on the Alton, being 0'76 cent per ton per mile.
But the disproportioj" between the traffic of the two.
for

the

fiscal

March
systems

1,

is

THE CHRONICLE.

lffiO.|

so great

that while the Central

cams

gross

297

company owed $751,815 for wages an^
and there was $259,537 of interest accrued

against this the

over $25,000 per mile, the earnings of the Alton arc

supplies,

only $8,857 per mile, all of which merely shows how
It must
hard is the lot of the average Western road.

only about a million dollars together. The requirement for dividends, including the dividend of Feb-

submit not only to constant reductions in rates whenever government chooses to make such reductions,
but at the same time the construction of duplicate and
triplicate competing lines prevents it from getting the
density of traflBc that of necessity should come with
The Alton actually earned less gross
the lower rates.
in 1889 than nine years before, in 1880, while net
earnings in the interval have fallen off as much as

ruary, 1890, was $1,510,670.

$533,105.
From the last-mentioned results we get some idea of
the extent to which the Alton has suffered from the

if

persisted

harm even an

excellent

among

That, unlike other roads, it has
not been obliged to reduce its dividend rate, is simply

owing

to the conservative policy which has always been
pursued, through and by which capital and charges
have been kept small and the property placed in condi-

tion to meet just such emergencies as the present.

may

in,

Western

ultimately further

trunk line systems. As a result of such a comparison,
it is found that while taken as a whole the year 1889
was a fairly prosperous one for this important body of
roads, the various companies did not share in equal
degree in that prosperity. The influences which controlled earnings and income during the year are toleraFirst and foremost was the change
bly well known.

which occurred in the rate situation.'
While primarily the aim and object of the Presidents'
and bankers' agreement last year was to restore harmony among the Western roads, the benefits resulting,
as we have many times pointed out, really extended to
the whole railroad system of the United States and in
particular to the trunk lines, where affairs in the latter
part of 1888 had become hardly less demoralized than

existing conditions.

•course, the attitude of the

Having the Lake Shore earnings, gross and net, it is
compare that road with the other leading

interesting to

States,

Of

for the better

the AVestern roads.
the better rate situation was a distinctly
while
But
favoring influence, on the other hand there were certain

property like the Alton; but for the time being it is
know that the company has the advantrunk lines had to contend
tages named, and furthermore that at the moment adverse influences which the
was the depression and
among
these
Chief
against.
the ordinary traffic conditions are unusually promising.
for anthracite coal
demand
diminished
consequent
It is also to be remembered that over 5J million dollars
weather.
Not
alone the so-called
mild
from
the
arising
of 7 per cent bonds mature in 1893 and 1894, which
having
every
road
a considerabut
nearly
carriers,
coal
can be refunded at a very much lower rate.
ble tonnage in coal, either bituminous or anthracite,
Thus
suffered from the effects of that circumstance.
in the twelve months ending September 30, 1889, the
COURSE OF
LINE INCOME.
coal and coke tonnage of the Erie fell off 831,440 tons
The Lake Shore statement for the quarter ended as compared with the twelve months preceding, with a
satisfactory to

TRUNK

December 31, 1889, has been filed at Albany this week,
and though the results differ only in very trifling
degree from the estimate made in the company's pre-

decrease of 157,642 tons

& Ohio

more on the

New York

Penn-

In anthracite alone, the
falling off was as much as 1,142,085 tons on the Erie
liminary return for the calendar year, they serve to and 192,594 tons on the Pennsylvania & Ohio. Of
bring out very strikingly the great improvement which course this heavy falling off can not be entirely ascribed
occurred in that quarter. The figures show a gain in to the mild weather, since in the previous year the Erie
gross earnings over the corresponding three months of had gained greatly by reason of the coal miners' strike
1888 of $815,000. The Nickel Plate, which is oper- on the Heading. But even the New York Central
ated and controlled by the Lake Shore, and whose suffered a decrease in its coal tonnage during the twelve
return was previously submitted, gained in the same months ending September 30, 1889, of 483,139 tons,
period $181,000, so that on these two lines between showing plainly how general was the diminution in
Buffalo and Chicago gross receipts increased about^a demand for coal, and other corroborative evidence
million dollars

—this in a period of

Net earnings

of

three months.

the Lake Shore for the quarter

exhibit only a comparatively small augmentation, the
total being $1,904,374 for the three months of 1889,
against $1,808,125 in the three months of 1888.
The

explanation

sylvania

leased road.

might also be cited.
For part of 1889 the reduced yield of wheat in the
season preceding, and the diminished export demand
for wheat, likewise must have had some adverse effect
on the income of the trunk lines. The 1889 wheat
was very much better, and all
crop, however,
t]irough the year there was a free and large movement

is found in very liberal outlays for improvements and betterments, all of which are charged in
operating expenses, and the same explanation also of corn.

Considering the grain movement entire, the

applies to the results for the calendar year, net earnings for that year being somewhat less than in the year

receipts at the seaboard cities for 1889 were 173,611,854

preceding, though

against 178,081,014 bushels and 198,421,021 bushels respectively for 1887 and 1886.
The flour receipts, not

gross

earnings increased nearly

1^^

million dollars.
The outlays so charged to expenses
during 1889 for new equipment and the making of
various improvements in plant and property, are estimated at over $1,800,000. Yet after this heavy deduction and after allowing in full for all charges, the

bushels, against

135,728,134 bushels for 1888, but as

totals, were 13,275,076 bbls. for 1889,
14,388,185 bbls. for 1888 and 15,669,047 bbls. for 1887.
The occurrence of the remarkable floods in Pennsylva-

included in these

nia was of course an unfavorable circumstance of conbalance for the stock stands at $3,216,276, equal to siderable importance in the operations of the year, for
6^ per cent on the shares outstanding. In another in June the Pennsylvania lines east of Pittsburg and
respect the Lake Shore holds a position of exceptional Erie lost $1,149,383 gross and $804,663 net, directly as
strength.
The balance sheet shows $3,734,338 of cash the result of these floods. Some of the other trunk
on hand December 31. 1889, with $678,807 more due lines also sustained losses, though to a very much

the

compmy

by

a<Tr!nts,

otlier

companies,

etc.

As smaller

extent.

THE CHRONICLE.

298

rvoi, L.

siderable traffic to the roads, first in the carriage of the
was an impor- raw materials used, such as coal, ore, &c., and then
In
tant influence in the situation in the latter part of the in the carriage of the manufactured product.
Coming coincidently with large crops and a net earnings the changes that have occurred possess
year.
heavy agricultural movement, and in part as the re- much less importance, since net earnings are so
sult of the same, there were times when trunk-line largely governed by the variations in the expense
It was then that account and the policy of managers in practicing
facilities were taxed to the utmost.
The Lake Shore, with its loss
of the improved economy or the reverse.
full
effects
in
the
I'oads
experienced
the
rate situation which had been maintained since the in net, on a heavy gain in gross, is an excellent illustraindustrial activity, with the ex-

Finally, the greater

pansion in the iron and

steel industries,

Hence, the very best exhibits tion in point. Besides the Lake Shore, only the Erie
and the heaviest gains in earnings came in the shows a loss in net; all the other roads show improved
On the Baltimore & Ohio the increase is
closing quarter, a circumstance tending to that end results.
being the fact that in that quarter the comparison was $1,238,790, or over 30 per cent, and on the Wabash the
beginning of the year.

as a rule

with the period in 1888 when the demoralization in increase is $777,953, or 30 per cent.
In the case of the Baltimore & Ohio, the Cleveland
the rate situation had been at its highest. As showsystems
has
fared
Cincinnati
Chicago & St. Louis, the Wabash and the
different
ing now how each of the
followpresent
the
Chicago
&
Atlantic,
we cannot carry the comparisons by
various
influences,
we
these
under
ing, comparing results for the calendar years 1889 calendar years back beyond 1888, and therefore for those
and 1888. Where the figures differ from those previ- roads we are confined to the results already given. But
ously given by us,

it

returns and corrections

is

because of later and fuller for the other roads we have the material permitting a
five-year comparison and accordingly have prepared the
the companies.

made by

following.

GB08S AND NKT EARNINGS.
Ket Eaminos,

Qroai Earnings,
Cal«nd'r Tear.\

Calendar Year.

1889.

Pennsylvania

$
i

FennsylTontai 61,614,448

N.T.
Lake

Central.
Shore...

36.058,598
19,487,198

68,172,077
36,283,584

+ 3,342,368

18,029,627
13,770,623

+

Mlcb. Central 13,7.36,000
4,918,217
Nlokel Plate..
5,090,328
C.C.C.iSt.l,. •12,087,150 11,136,466
Bait.

Brie
Chic.

Ohio

20,417,640 18,1,840,924!
+ 778,014 12,098,346,11 ,156,116
1,457,669
6,639,746 6 ,719,256
34,623
3,899,000 3,,683,9171
925,196
-(-172,111
1,216,716

+ 951,696

4,131,742i

& Allan.
& MlBS.

Wabash

+ 1,678,716 New York Central

+ 942,230

Brte"
j

— 79,511
+ 215.083
+ 291,620

Lake Shore
Michigan Central

8,,661,708

+ 680,034

Ohio

5,,319,3031

4

—

& Ohlo-

East'n lines

WeBt'nllnes

1887.

Qrosa Earningi—

I

t

Nickel Plate

I

& Mississippi

I

1888.

1885.

»

»

58,172,077
86,283,684

55,871,318

50,879,068| 46,615,027

86,298,024
24,666,014! 24,464,288
18,029,627 18,710,083

32,851,016| 24,495,878

13,738,000; 13,770,523

14,184,490

12.295,828; 10,707,394

61,614,446
86,066,598
25,016,828
19,487,196
6,090,328
4,080,989

4,018,217J

3,868,984

4,706,997
4,128,366

23,002,609
16,859.455
3.828,608
8,827,881

19,569,06»
14.183,608
8,203,317
3,879,616

I

Total

I

+ 1,892,856

6,186,439

4,718,908

+ 377,966

l,083,05o!

+25,016,328 +24,666,014
2,261,726
2,144,4561

+ 860,314
— 117,270
+ 212,006
+ 611,373

17,330,222; 15,437,366;

6,096,873J

4,080,089

8,868,984

12,974,203

12,362,830

661,398

I

+6,782,953+6,,867.688'
510,779:

444,688

817,136

+ 421,664

— 74,638 Petmsylvanla
New York Central.
+ 68,

91
286,210
J

1,817,6541

1,,031,444

+

3,862,204'

2,,684,2611

+ 777,963

214,614,788'204,825,311 +9,989.477 :e7.596,268 81,776,685 +6,820,683

Consolidated road In present form lias existed only since the Ist of
make up an exhibit for tlie calendar year we have taken for
the first six months the separate results of the Cleveland Columbus
Cincinnati & Indianapolis, the Cincinnati Indianapolis St. Louis &
Chicago and the Cairo Vincennes & Chicago, and combined them.
t After deducting rentals of roads operated on a percentage basis.
*

1164,981,884 158,709,026 168,232,388 141,842,814121,398,784

.

Ezperaes—

Erie

Lake Shore
Michigan Central
Nickel Plate

Ohio & Mississippi

July; to

41,096,805' 39,831,153! 87,086,686

32,619,588

24,127,463

23,400,383

19,983,918

18,283,375 17,808,428 17,747,008
12,847,451; ll,810,37l[ 11,029,798
9,875,248
9,887,00o! 10,088,606!

16,718,673

2,552,194!

23,968,252

..

Total

Ntt Earnings—
Pennsylvania

1

New York Central

3,878,812i

3,998,021

3,613,038

2,788,886!

2,837,540;

9,731,8221
8,404,6791

14,888,264
9,287,637
8,014,603
2,317,217

2,691,924

2,877,724

2,644,646

ill2,809,880:lC9,494,687'106,848,977

92,688,894

82,903,521

20,417,540: 18,840,924' 18,584,728

17,759,482
12,717,099

12.098,3461 11,166,1161 12,896,641
6,782,963i
6,867,688.
6,717,228

Erie*

29,479,768
16,521,496

i

16,186,269
7,974,377

8,283,836;

4,920,788.

6,127,838;

3,891,149
1,274,414

4.846,969
2,892,791
888,100

1,160,1071

1,034,969

j

The

roads here given earned gross in 1889 over 214|

Lake Shore
Michigan Central

million dollars, which gives an idea of the magnitude

Nickel Plate

and importance

Ohio

of their operations.

In 1888 the same

Total.

roads earned 204|^ million dollars, so that the improve-

ment has been about 10

million dollars.

The Michigan

& Mississippi

*

i

1

'

I

8,639,746'

6,719,266'

3,899,000,
l,216,716j

3,883,917(
926,1961

1,317,854

1,081,4441

62,372,054; 49,214,439

7,681,165
4,289,244
1,283.964

1,486,441

52,888,411

40,203,920; 38,490,263

After deducting rentals of roads operated on a percentage basis.

Central and Chicago & Atlantic lost trifling amounts.
All the others share in the improvement, but, as said

In 1886 and 1887, after the settlement of the trunk
line war in 1885, all the roads of course showed very
above, in unequal degree.
The Pennsylvania, notwith- decided gains. But taking the two years since then,
standing its loss from the floods, has gained 3^ million th« important feature is the lack of growth in the
dollars, or about 6 per cent, and the Baltimore & Ohio interval on the New York Central.
The Pennsylvania
(Eastern and Western lines combined) gained over 2i has increased its gross from $55,671,313 to $61,514,445,
million dollars or about 11 per cent, so that these two the Erie has increased from $34,464,236 to $35,016,338,
systems contributed over 5^ millions of the whole 10 and the Lake Shore from $18,710,963 to $19,48.7,196;
millions increase.
The Lake Shore we have seen has but the New York Central actually earned $240,000
also done well and so has the Cleveland Cincinnati less in 1889 than in 1887, and the Michigan CenChicago & St. Louis, the increase on the latter being tral also falls behind.
Another feature is worth
almost a million dollars and on the Lake Shore nearly noting, namely what a large proportion of the intaking the roads as a whole has
1-J millions. On the other hand, the Central- has gained crease in earnings
only 1773,014, or 2i per cent, and the Erie $350,314, been paid out in heavier operating expenses.
In 1886
or but 1^ per cent.
there was naturally a very decided increase in net
It thus appears that the two leading southernly systems,
But
earnings, because of the West Shore settlement.
namely the Baltimore & Ohio and the Pennsylvania, between that year and 1889, while gross receipts were
have done much better than the two northernly lines, enlarged 33 million dollars, net earnings have been

—

—

the Erie and the

New York

Central.

The

falling off

in the anthracite coal traffic, already mentioned, affect-

ing as

would the

added to in amount of only a

little

over 3 millions.

Evidently, therefore, the larger revenues accrue chiefly
to the benefit of the patrons of the roads in the

more than the former,
accommodations
and
the
better
Another cheaper rates,
reason apparently is that the Pennsylvania and the the
furnished,
and
to
the
service
increased
Baltimore & Ohio get greater benefits from the activity laboring
greater
in
the
employment
classes
of the iron and steel industry, being nearer to the great offered, instead of chiefly to stockholders and inmanufacturing districts. These districts furnish con- vestors.

may

it

latter systems

indicate one reason for the difference.

March

1,

THE CHRONICLE.

1890. J

THE GERMAN EMPEROR AND THE SOCIAL
PROBLEM.

299

Not much importance

into line.

is

attached to Spain

and Portugal; but Austria-Hungary

may probably

is

not likely to

it is none
According to Louis Kossuth, the venerable Hunga- of her business. In any case the central industrial
Powers of Europe will be represented. It is well, howrian patriot, tlie social problem disease, he calls it
Monarchy has been tried and has failed. ever, to note that not one of the Powers but has in
is incurable.

Russia

stand aloof.

say that

—

Eepublicanism

is

out the disease.

not succeeding in
State Socialism,

its efforts

it is

to root

affirmed, will be

found similarly ineffective. An equal division of property to-morrow would be followed sooner or later by an
unequal possession of property, because the weak will
always go down before the strong. Such is the hopeless
view of the case taken by such a man as Louis Kossuth

—a man who

has made a great mark in his day, but a
dreamer, perhaps, rather than a thinker.
A very different opinion seems to be that of the
young Emperor of Germany. He is at one evidently
with the great Hungarian exile as to the dangerous
character of the malady; but he differs from him in
having faith and hope. Nay more, he has had the
courage to initiate proceedings with a view to amelioration if not to ultimate and absolute cure. How far he
shall succeed we know not; and he would be a brave
man who would venture to predict with any amount of

way

some

or

other

qualified its

acceptance of the

Emperor's invitation. By most of them the acceptance has been qualified by the condition that the decisions of the Conference are not to be regarded as bindIt will not
ing.
This is the weak part of the affair.
be a Conference in the sense in which the Berlin
meeting of magnates in 1878 was a Conference

come to at Berlin by legitimate
became binding on all the Powers concerned, and the violation of any of the decisions
would be a cause of war. It will be merely a consultaan assembly in which facts may be stated
tive assembly
opinions
exchanged,
but in which there will be no
and
the

decisions

voting

—

legislative authority.

It is

simply impossible that such

men can do any immediate practical good.
The members may learn wisdom from each other and
a body of

;

they may,

when they return

to

their respective coun-

knowledge to some purany direct or immediate good in
humanity and magnanimity of his purpose; and we the direction contemplated is concerned, the Conference
have no good reason to doubt that his motives are as will be fruitless. The mere holding of a conference
creditable as his purpose is praiseworthy.
No right- the only work of which will be the exchanging of
minded person but must wish him success. It would views, will be but a poor affair.
be a mighty boon to the working-classes if what we have
It is difficult to resist the conviction that the Emcalled the social malady, this root of bitterness, could peror's schemes are the fruit of impulsiveness as well
be plucked up and destroyed. It would be an immense as of humanity. He has gained nothing at the ballotgain to monarchy in Europe, if the democracy could box by springing his views on the public in the way in
be composed and propitiated by one of its youngest, but which he did. He cannot gain much by a ConferIt no
also one of its most potent, members.
ence which can do nothing but offer suggestions.
It can hardly be said that the prospect of success is doubt would have been better had the Kaiser taken more
bright.
It is not unjust to say that the elections, of time to consider and mature his plans. He would hardly
which we know not yet the full result, were intended to have suffered if he had taken the astute old Chancellor
have a relation to this social experiment. There was a more completely into his confidence. The invitations
reason why the Emperor sprung his grand scheme upon to an International Conference would not have lost any
the people on the eve of the elections. It was intended of their value if they had been preceded by some satisthat his avowed sympathy with the workingmen, and his factory domestic experiment.
There are so many sides
plans for the amelioration of their condition, should turn to great public questions, and so much to be considpopular sentiment toward him and in favor of the Gov- ered in introducing any measure or measures of radical
ernment generally. It would be unfair to say that tlie reform, that one head is rarely equal to the task. He
popular vote was given in a spirit of opposition to the has certainly created for himself some difficulties which
Emperor and his policy. The popular sentiment had it will be hard to get over, for he has put his hand to
become strong and pronounced in a given direction the reform plow, and he may not look back. In the
before the Emperor announced his plans.
The jjeople case of this Conference, we but echo the opinion of
voted as they would have voted had the Emperor made no many competent publicists when we say that he has
such show of sympathy with the popular cause; they clung undertaken a task which, at the very outset, partakes
to their principles and were faithful to their old leaders. of the character of the impossible.
The [condition of
All the same the result has been adverse to the Govern- labor in the different countries is so different that the
ment, as the Government has been; and if the Govern- same laws cannot apply to all. A common understand-

He

confidence.

is

entitled

to

all

praise

for

the

tries,

pose.

turn' their newly-acquired

But

so far as

ment is to adapt itself to the new condition of things, ing is not possible.
the change will partake of the character of a revolution.
It is our conviction, besides, that the Emperor is on
It will imply a radical change of policy
a policy dia- the wrong scent as to the real cause of trouble among
metrically the opposite of that of blood and iron.
So the workingmen of Germany and of Central Europe
far as the elections are concerned, the Emperor's labor generally.
He would have been more likely to get at

—

schemes have failed of their purpose.
the root of the difficulty if he had turned his attention
There is now a fair prospect that the International to his enormous army and asked how that army was
Labor Conference will be held. To that extent, it may maintained. By following up this question he might
already be taken for granted, the Emperor will have have discovered the secret of the poor man's poverty
his wish gratified.
Several of the powers have signi- and oppression; he might have got at some of the reafied their willingness to send representatives to the
sons of German discontent; he might have "found why
Conference,

among them Great

erland, Italy

expectation

Holland,

and Belgium.
that the

Britain, France, Switz-

There

is

a reasonable

northwestern powers, such as

Denmark and Sweden and Norway

will

fall

was that the flower of German manhood is wasted in
the army, and that that section of it which escapes from
army service is eager to find its way across the Atlantic.
it

He might

have found, further, that this

is

an

evil

l-HE CHRONICLE.

1300

[Vol. L,

which

is becoming every year more unendurable, and
The ratige of Government bonds sold at the Stock Exchange'
allowed to continue it will ultimately crush the in February was as follows:
OOVERNKENT BONDS.
out of the country.
It is never too late to learn,

that

if

life

and

among

is

it

armies of Europe will claim some attention at the Labor
Conference. If this Conference shall lead to a second
Conference to consider and arrange for general disarmament, it will not have been held in vain. It is only in
this direction that

we can

1891

4is«,

the possibilities that the standing

4ia»,1891, 4», 1907,
coup.
reg.
123'4
1041s
104%
12338
12238
1041a

reg.

Opening..
Highest..
Lowest...

10473
10478

Closin g...

I047g

*

Piices

101 7g

bid—no

104%

The daily posted

see light.

rates axe usually

following table sliows the highest and lowest
prices of railway and miscellaneous stocks at the N". Y.

Stock Exchange during the month of February, 1890.
RAILROAD AND MISCELLANEOUS STOCKS.
Atlantic & Pacitlc
Boston Atr Line, prcf
B. H. & Erie, new

4=8
5
102i« ]02iii
le

Is

Burl Ced.Kap & Nor.
Canadian Paclllo

2.5

35

74%

Canada Southern

52 13

751a

& Minn..

Cedar Palls

Central of N. Jersey.
PaeUlc

Centriil

Clies. &0. , Vot.Tr. cert.

Do
Do

do
do

Chicago

Istpref.

2d

&

pref.

Alton

Chic. & All. Ben., reo.
Chic. Burl. & Qulncy.
Chic. &Ea8t 111
Do
pref.
Chic. MU. & St. Paul.
Do
pref..
Chic. & Northwest. .
Do
prof..
Chic. &EoclrMand..
Chlo. St. L. APittsb..
Do
pref.
Chic. St. P. Minn. &0.
Do
pref..
Cln.Wash. & Bait....
Do
pref..
CI. Cln. Chle. & St. L.
Do
pref..
Clevo. & Pitts, suar.
Col. Hock. Val.&Tol.
Del. Lack. & Western

& Kio Grande...

Den.

Do
Den.

T.

Do

pref..

&Ft. W.,cert.
assented..

& Ft. D..

Des Moines

Do

Dul.

pref.

&Atl.pref
E.Tenn.Va. & Ga. Ry.
S. Sh.

Do
Do

Evansv.

&

Do

pref..

& Texas Cent..

Illinois Central

Do Leased Lines
Iowa Central

Do

pref..

Keo. & D. Moines.pia
Kingston & Pern

Lake Erie & West'n..

Do

pref..

Lake Shore
Long Island
.

Mauhait,Tn Beach...

Marq. H. &Ontonag'u
Mexican Central
Michigan Central
L. Sh. & West.
pref.
& Northern

Do
Mllw.

Jkllunoapolls &, St. L..
Do
pref.

Mo. Kans.

ifc

Do
Do

Texas.

.

rec.
lights.

tr.

Missouri Pacific
Mobile & Ohio
Morris & Essex
Nash. Chatt. &St. L..
New Jersey South
N. Y. Cent. & Hud. R.
N. Y. Chic. & St. Louis

Do
Do

„
N. Y.

l.st

Lack.

&

2d

pref.
pref.

West...

N. Y. Lake Erie

Do

& W.

pref..
North., pref.

K. Y. &
H. y. & New Euglaud
N.Y.N.H.& Hartford

N. Y. Out. & West....
N. Y. Susq. &Wcst...

Do

Norfolk

Do

pref..

& Western

•Ex-rights.

31
78 U

70

70i8
11338 11638
ee-'s

.

.

pref..

pref.

Newp. News

& M.Val

107
140
88i«
I6J4
46I3
3114

92
2!%

5

66 13
£re

157
20

Do

pref..

Ohio & Mississippi...
Ohio Southern

Oreg. Sh. L.<feU. N...

Oregon

Richmond Terminal.

Do

pref.

&

Rio Grande

West'n

Do

6
73

St.
St.

&

978

1081a
71
la's
6I3
7
12
16
250 25018

4
120

prof.

Do

pref.
Wisconsin Cent. Co..

American
United States
Wells, Fargo & Co
Coal and MfNiNO.
Cameron Iron & Coal.

Colorado Coal & Iron
Col. & Hook. C. & I ..
Consolidation Coal...

9811
6

98I4

23
7
14
17

261a

6214

67% Minnesota Iron

81a

Homestake Mining...
11% III. CoalA Coke
211a Kingston & Pem.Min
I914

8Hl8

89'8

82 14
45

90%
53
3214

103

1778

1^

93

95ifl

93I4 95I2
llOia 114

50

61a

10

7%

151
104

16
112i«
251a

38

1071s

\7h
71
3914
1133.,

2714

60
24

64

43I3

4914

249
171a
6^8

27
20
6058

Do

24%
252
19>«

7%
3HB
2213
6278

22

Detroit, Mich.

3738
45I2

QalTest'n,

15

1553

6278

41 13
12
26 13
32I2
67
23

151
115
86
140

pref.

Am. Cotton
Do
Amer.

Tel.

Oil, certs.

receipts
Cable.

&

.

Am. Pig Iron war'uts
Brunswick (?o
Chicago Gas Trust.

.

Coiuiiiereial

d
CkWo...

Distillers' &C.F.Tr'st
Fdlsoa Elect. Light..
Keely M<itor
Laclede Ga.9, Bt. L ..
Various.

National Lead Trust.
Northw. Equipment.
Oregon Improv. Co..
Oregon R'y & Nav.Co.
Pacillc Mail
Phi:adeltihia

Gas
Various.
PI pe Line Trust
Pullman Palace Car.
Sugar ReflRKries Co.
Tex. Pacitlc LandTr.

Western Union Tel..

4 83-1*

4 881a
4 85'«-6

4 85ia-6

72
68 %

45

13%
2913

34
703,

33 13

156
IIOI2

90
144
4I3

IMPORTS.

EXPORTS.
7 months ending

January Si.
Exports.

$
867.491

t
6.476.959

$
7,478,589

6,784.929
88.118
62.920
687.530

32,955.801

1880.

1.82i)

Bu.769
81,725

Mtlw'kee.Wis.
Uinn'8'a,Minn

Se.351,41

2.340.83^
431,02;
8,628.822
l,:i37,73e
l,9i;l.<i6,S

2,162,605

22,591
235.955
487,831

Duluth, Minn.

Tex

t
7,272.625

3,821.7liE

512,401

January 31.

1889.

4.491.,SH6
2,(P43.297

441.408
8,650.51»
1.302.356
1,9.0.0<4
6S,.358
443.6i'0

1890.

1889.

*
40.404.471
42.485.730
316.660
1,126,229
11.424,571
1,870,48«

38,149.355
2l6,54"i

1,138.176
9.744.439
1,230,028

4,714.175
8,314,040
1.287.247
867,7.9
21,7H4.220 13,200,049
36.450
915.729
874,670
2.896.307
1,839,85875.781,156 63.017,958
208,237.043 184,839.041
f9.S60
tl9.578
10,225.0611 11.311,685
1.251.235
1,407,626
l,563.7i0
948,70*
945.981
1.151.570
19,626,003 17.f02.59»
l,59i.428
1,471,008

462,131
90,482
7t)0.127
606.242
22,833
727.983
64.037
83.545
70^.017 lfi.l57,93«
7,551.601
7.5)4,126
NewYcrk.N.Y 48.728,131 25,506,401 288,6h8.983 268.101.912
34
2,383.118
2,761.21,3
Niagara, N.Y..
2S1.702
3,077 1,111.990
65.520
]64.2'9
Norfolk, Va...
(8.502
180,691
16,054
Oregon. Oreg.
74,834
8o,l29
910.592
1,288,291
Oswega'ie.N.Y
S.0iig,004
3.46.1.838
9,900
Oswego. N.Y..
Philadera, Pa. 4,547.059 2,451,162 28.606.4«3 25,7^3.e83
216.474
43.761
471,118
315.238
Portland. Me..
3?4.518
1,776..S06
1.649.071
3t. Louls.Mo.'
33,033
16.769
266,549
325.183
San Diego.Cal.
176,174
San Fran., Cat. 4,193.489 2,99S.5S2 28,335.4^5 26,297.032 22.897.134
53,734 3,249,465
352.981
272.540 25.280,774
SaTannah,Qa.
398,2:^0
2,4.654
4.227,196
4,109..'i30
1,145,957
Vermont, vt.
46.660
183,702
6811.915
481,807
1.901.151
Willamette.Or
23,521
6l)2,35S
101,479
130,320
6.009,558
Wilml'g'n, N.C
1!?5.713

Uobile. Ala...
New Orl'ns.La

t
29,038.32*

!

127.870
25.882.057
11.886.108
1.025.706-

3.327,77&
5.196,730

2
42 14
16

5119
19

24

24

oth'r Dista.) 62,895.831 75.259.149 441,083.740 421.142,429 540.602.673 454.197,528

8

9

28
50

30 14
56

I314

16
84

Kemaining In warehouse January 31, 1889
$31,845,126
Bemalniug In warehouse January 31, 1890
32,449,005
" Interior ports to which merohandlse can be transported without
appraisement, under act o( Juae 10, 1880.
t Incomplete in the absence of law providing the means of colleeting
the statistics of exports to adjaoeut foreign territory by railroad oar»
and other laud vehicles.
MERCHANDISE.

913
3914

300
6

35 13

100

Various.

Conistock Tunnel Co.
Consolidated Gas Co.
Del. & Hudson Canal.

38

347e

191a
3553
42'a
68I4

51

li

171s

70
36

& Iron

Citizens' Gas, B'klyn
Colorado Fuel

ig

106

Peuns.v ivaiila Coal. .
Quicksilver Mining..
Do
pref.

Baltimore.MdI.
Bost. & Thar.
leit'wD.Mass

30

84

Central Coal
Ontario Silver Min..

I5I3
1014
12=8

70% 75%
16
150
102

Mar.vland Coal

New

Tenn. Coal

5^8
I319

lioifl 1131a

E-XJl-RESS.

Adams

4 85ia-6

7 months tnAing
Imports.

74.207
1,160.888
25.5.H1
168,910

8^8

74

t-i'h

14i,>i7-

Do

21% 24

106

BufTaloCk.N.V

Wheel. &L.Etle,com.

4 86-13'

4 8«-ia

4 83-ia 4 87- "a
Open, 4 Si-'-i
H.
aigh. 4 841s
23..
S
L'>\v., 4 81ia-2
21... 4 8212-3 4 8Gia-7 Last. 48II3-2

tricts AND
PORTS.

Charlest'n.S.C
Chicago, HI....
Clnclunati, 0.*

181a
15

4 86%

4 83ia-4 4 87ia-8 25.... 4^2ia!
4 8313-4 4 87ia-8 26.... 4 82-13
4&313-4 4 b7ia-S •27.... 4 82-ia
8.
28.... 48II3-2
1S31V-4 4'87ii."8
4 83-ia 4 871a
4P3-ia 4 87-ia
4 83-18 4 87-is

13...
14...
15...
16..
17...
18...
19...
20...
21...
22...

Customs Dis-

Champl'n.N.V

Virginia Midland
Wabash, new

36

I714
4212

85

351a

6
121a

I714

341a

5
181a
15

De-

mand.

IMPORTS AND EXPORTS BY PRISCIPAL CUSTOMS DISTRICTS.

92

34
31

50

I8I3

43 14
39
153 154
36
:>9%
179 181
23 "s 24
20
23%
76
80

83

O. Cent

60
days.

the foreign

871a
32%)

Do
pref..
Tol. Peoria & West..
Union Pacitlc

Feb.

The Bureau of Statistics has issued its detailed statement of
commerce of the country for the month of
January, 1890 and 1889, and for the seven and twelve months
ending January 31, 1890, and 1889, as follows:

54%
371a
20I3

4,171.898
3«1,738

.

De-

mand.

IMPORTS AND EXPORTS FOR JANUARY.

19

& Man.

60
dayi.

161a

381a

Paul Minn.

February

716

17

98% Southern Paciflo Co
Texas & Pacillc
Tol. Ann A. & No. M.

157
22

in

23
21 "a

3714

pref..

exchange

6

08

Do

*124

month.

20
21
16
43
3138

«!«

15%

5^8

3a

Feb.

1.... 4 84-i« 4 88-ia
2....
S.
3.... 4 84-ia
4.... 4 84-ia 4 88- la
5.... 4 84-13 4J-8-13
6.... 4H4-13 4 88-ia
7.... 4g4-l3 4a8-ia
«... 4g4-ia 4 88-is
9....
S.
488'""'
lu.... 4 84
11... 4 83 "3-4 4 87ia-8
!2.... 4 e3i2-4 4 87ia-8

I3

Paul. ADuluth...

•125
*126i«
•125
*12Gi2

being understoo 1 that bankers' actual

DeTnand.

dayt.

413

pref.
1st pref.

Cur.

'99 reg.,

a fraction below the prices posted:

& Tex.

Francisco.

S.

Do
Do

97
314

&

St. L.

6»,

-123
*124
*123

12338
I2319
12J18

rates for sterling

it

righls-.

Louis Ark.

513s

13

75=8
18

I4

St.

18ie
531a
33'8

1513

3ii3

17%

95^

4658

102

72

Ohio Central
Ohiolnd. & West....

13458 13773 Tol.

4
114

3^%

43

iim

J

3014

Do
prtf..
41
Rome Water & Osd.. 104
St. L. Alt &T. H.:...
40

104 "a 106^3

Louisville & Nashv..
Louis V. N. Alb. & Ch
LoulsT. St. L. & Texl
Manhattau, consol...

Mllw.

26i«

71

Harlem

Do

LOK. Sigh,

& Trans-Con.
Peo. Decat. & E'viUe.
22% 26
Phila.
Read, certs.
&
65
581a
37I3 44
Plttsb. Ft. W. A Chic.
133 133T8 Pitts. & W. pfd.t. rec.
6I4
6% Renssel. & Saratoga.
101=8 IPSifl Richmond & All., rec.

1C7

sul). prpf.

5

1151s 123
3314 3414

1st pref.
2d pref.

Gt.Noi th'n,

Hous.

"la

Terre H..

Green B.Wm.&St.P..

55

Railroads.
Northern PacUlc

60

Feb.

The

Low. Sigh.
31 '8 33 .11

Qs. Cur.,
'98 reg.

123%

BANKERS' STERLINO EXCHANGE (POSTED BATES) FOB FEB., 1890.

REVIEW OF PRICES IJV FEBRUARYSTOCKS, GOVERNMENT BONDS
AND FOREIGN EXCHANGE.

Railroads.
Atohison Top. <fe S.Fe.

coup.

122%

sales during the

are given below,

4», 1907,

91a

4014

300
683

39%

Totals,

(in-

cluding

all

86
110

31%

3312

24

2!) 33

85I4
I8I2

87

29%

33 12

I8I3

For the
month of
January.

For the 7
For the 12
Months ended Months ended
Jan. 31.
Jan. 31.

?74, 223,553 $533,153,443 .*815,859,12S
7,.'-39,2 30
1,035,596
13,037,400

1890.— Exports— Domestic
Foreign

4334

48I4

68

63

$75,259,149 *540,692,673 $-28, 896,52ft
62,895,634 441,083,740 765,072,963
Excess of exports over Imports $12,363,515 $99,608,933 $63,823,5Ca

16

18

OS's

97

1889.-^E5cports— Domestic

82I3 821a
IO214 103

148% 1517g

38I4 40
921a 106
3
3
15
171a
Low. Bigh.
I6I9 2158
1071a 107 12

48
48
98 '4 101
361a

41

64
64
Low. Sigh.
9773 108
187 1901a
561a

6973

20

22

8258

8518

Total

Imports

L.

$72,519,291 $447,576,926 $690,007,075
960.708
6,620,596
12,182,964
$73,479,999 $454,197,522 $702,1 90,03»
Total
68,349,885 421,142,429 735,247,75a
Imports
Excess of exports over imports $5,130,114 $33,055,093
$33,057,713
Excess of imports over exports

Foreign

OOLD AND SILVER—COIN AND BtTLUON.
1890. -Exports— Uold—Dom. .
Foreign
Total

$440,9ti!l

BUver— Dora
Foreign.
Total
Total exports

Imports— Gold
SUver
Total
Excess of exports over import?

:

20,000
$460,909
$2,242,952
904,333
$3,147,286
$3,608,254
$1,0,'.6,837

1,404,828
$2,461,665
$1,146,539

$8,721,334
853,302
$9,574,636
$16,579,432
7,816,317
$24,395,749
$33,970,385
$8,672,342
12,713,769

$21,386,111
$12,584,274

$44,553,970
5,643,379
$50,19 7,349
$27,329,207
13.504,779
$40,833,986
$91,031,335
$12,388,413
20,079,103
$32,467,516
$58,563,819

Mabch

THE CHRONICLBI

1, 18S0.J

GOLD AMD BILVBR—COIN AND DDLLION.
For

the

month of
Jaiiuuru.

$649,006
1,563.418
$2,212,424
$1,988,127

$17,8S1,00B
$21,698,915

$1,190,490
6,584
Foreign
:$1, 197,080
Total
Silver—Dom... $2,101,360
902,105
Foreign
Total
$3,003,471
$4,200,551
Bllver

Total

Excess of exiMrtsover imports
TOTAI.

charged, as they have been for the past six weeks, 7 per cent.
The rate was again firm yesterday.

For the 12
For the 7
Honthi ended ytonths ended
Jan. 31.
Jan.Sl.
$19,097,696
231, H76
$19,329,572
$14,534,887
5,716.121
$20,251,011
$39,550,583
$6,568,787

1889.— Exports— Gold— Uom...

11,312.881

$29,373,079
6,725.558
$35,099,237
$23,033,859
7,611.Tl(i

$30,0 15, 57..
$05,744,812
$11,214,30^
10,275,012
$27,l8J,350
$38,255,402

UBBCHAMDI8B AMD OOIM AND BCLLION.

$70,907,474 $558,454,209 «887.742,303
32.185,658
1,959,929
16^208,^49
$7rt,807.403 $574, 003, 058 $9197927,861
Imports
05.357,299 4C2,40a,851 797.540.479
Excess of exports over Imports $13,510,104 $112,193,207 tl22,387,362

18S0.— Exports—Domcatlo
Foreign

Total

1889.—Exports—Domestic

$75,S11,153 $481,209,509 $742,414,613
12,568,590 _25, 520,238
1,869,397
$77,880,550 $493,778,105 «767,i<34.Hor
Imports
70.562.309 439,024,097 $762,737,102
$5,197,749
Excess of exports over Imports $7,118,241 $54,754,008
Foreign

Total

'^onttixvxil<£^ommtvcitd ^uqHsIx litems
own correspondent.]
London, Saturday, February 15, 1890.
The Bank of England has thus far kept its rate of discount
at 6 per cent. Yet, during the week ended Wednesday night
the reserve increased aa much as £1,336,000 and now exceeds
[ITrom our

14% millions

sterling,

while

its

stock of gold exceeds 22 mil-

Both the reserve and the coin and bullion
items are larger than they have ever been in recent times
with a 6 per cent rate. The bill brokers and discount houses
are in consequence complaining very bitterly of the policy of
the Bank. They urge that it is able to act as it is doing at
present only because it is the Government bank, and that as
the taxes are being collected at the moment on an unusually
large scale, the bank by its course of action is seriously checklion sterling.

301

—

t

By the act of 1844 renewing the charter of the Bank of England the Bank was authorized to issue notes to the amount of
14 millions sterling on the security of consols.
And it was
further provided, that if any of the English country banks lost
for any reason their right of issue, a portion of that
right might be taken up by the Bank of England. From time
to time the authorized issue of the Bank of England has thus
been increased, and this week an order in council has been
published empowering the Bank to increase its authorized
issue by a quarter of a million sterling.
When this order is
acted upon the authorized issue of the Bank will amount to
£16,450,000. In other words, since 1844 that portion of thd
Bank's circulation against which it does not hold gold will
have been increased by £2,450,000.
The price of silver has fallen sharply this week to iS^^d. per
ounce. The receipts have been large and the demand small;
Though there has been a little demand for the Continent the
Indian banks have been buying sparingly. This is the more
remarkable, because the Bank of Bombay keeps its rate of
discount at 11 per cent and the Bank of Bengal raised its rate
this week to 10 per cent.
It seems odd that when the Indian
banks can discoimt in London at 43^ per cent or less and employ money in India at from 10 to 11 per cent they do not buy
more freely. The explanation is that the stringency in India
is expected to come to an end in five or six weeks, as it usually
does; that it takes a long time to get the metal out and to have
it coined, and that there is difSculty in obtaining bills in
India, because the money stringency in London has caused a
fall in produce generally, which has checked Indian exports.
The Stock Exchange settlement this week showed a great
reduction in the speculative account open for the rise. For a
long time past British holders of American railroad securities
have been selling, and the buying has been mainly on American account. At every settlement large amounts are taken
up by the purchasers and are shipped to New York. Thus
business in the American department has been growing
smaller and smaller here, ^vith very little prospect of an early
revival. In the foreign market the course of events is very
similar.
South American, Egyptian and Turkish securities
are of course held here in immense amounts, but Continental
government bonds have been sold almost continuously for
many years. In home railway stocks, too, there has been a
very considerable liquidation since the beginning of the year.
The final result is that the floating stock carried over from settlement to settlement was found to have been greatly reduced
this week.
In consequence there has been a recovery in

ing legitimate business.
The bill brokers and discount houses, however, are suffering loss through their own fault alone, and all impartial observers commend the policy of the Bank of England. That
policy is understood to be principally due to the present
Governor, who is firm to resist all the outcry of the outside
'market and the influence of some of his colleagues. The
truth is that the increase in the reserve is almost entirely due
to the return of coin and notes from circulation and to the most interest and dividend paying securities. Bears have
receipt of a million sterling from Russia. But unless the im- been buying back and capitalists have been purchasprovement in trade stops, the coin and notes wiU go out ng on a small scale in the hope of a recovery, but still
again in April and May, and at any moment the Russian there is little business doing. The change is rather in feeling
gold may be taken from us. So strongly does the present than in the amount of transactions, and the hopeful feeling is
Governor of the Bank of England feel this, that he has this encouraged by a general expectation that the Bank of England
week for the second time refused to accept gold, that could must before long lower its rate of discount. In speculative
have been brought from Paris in an artificial way. Gold so securities, however, the fall has continued. Mining shares of
brought appears to strengthen the Bank, but the Bank has all kinds gold, copper and the like nitrate shares and land
really no control over it.
shares are all lower. The heaviest fall, however, has been in
It seems now as if the policy of the Bank would at last the ordinary stock of Allsopp's Brewery Company.
The
succeed in attracting gold. During the week ended Wednes- brewery was sold to a company three years ago for somewhat
day night £420,000 in gold was received from abroad; £182,000 over d]4 millions sterling, and the prospectus held out the
has since been sent in, and more is coming from Brazil, Hol- hope that at least 8 per cent would be earned. Since the capiland and France. At one time, indeed, the Paris exchange tal has been fully paid up the highest dividend paid, however,
upon London rose to the gold point, but it has declined again. has been 6 per cent, then it fell to 5 per cent and now it is
There is a hope, however, that it will advance once more and only 3J^ per cent. The announcement this week caused a fall
that a considerable amount of the metal may be received. of over 12 in the ordinary stock, which is now at a discount
There are hopes, too, that some may be obtained from New of nearly 30 per cent.
York. But of course there will be withdrawals from time to
In spite of the troubled state of the London money market,
time, as indeed even this week there have been. And if rates the Russian Conversion Loan was brought out this week. It
fall the withdrawals may be on a large scale.
In the outside is, however, to be only a conversion loan. When the negotiamarket the rate of discount has been during the week about tions were first opened it was proposed to raise altogether 20
4}4 per cent, with a downward tendency at the close. The millions sterling, which would have given the Russian Govrate of interest has fluctuated considerably. At the Stock ernment nearly 5}^ millions sterling in cash. It is said, howExchange settlement, which began on Tuesday, bankers ever, that the contractors were officially informed that the raischarged Stock Exchange borrowers on an average about 6}4 ing of money for Russia just at the time when a great French
per cent, but money was freely lent in the discount market on funding loan was in preparation would not be pleasing to the
Monday, Tuesday and Wednesday at from 5 to 6 per cent. French Government. Consequently the loan, as finally arLate on Wednesday, however, the rate hardened, and on ranged, is for only (in round figures) 14}^ millions sterling. It
Thursday, which was pay day on the Stock Exchange, 7 per converts three old 5 per cent loans. Well-informed persons in
per cent was freely paid in the outside market, while some of Paris expect that the French funding loan will be brought out
the borrowers had to apply to the Bank, where they were next month. Sixty millions sterling is generally believed to

—

—

THE CHRONICLE.

302

tVOL. L.

be the amount. But some thmk it will not exceed 40 millions
Supplies available for consumption (exclusive of stocks on
sterling, while others talk of as much as 80 millions sterling.
September 1);
1889-90.
1888-9.
1887-8.
1886-7,
M. Rouvier, the Financial Minister, is very desirous also of rmportaofwheat.cwt. 25.489,018
29,201,525 22,618,122 22,046,087
attempting an optional conversion of the 4>^ per rents. It is Imports of Hour
7,775,473
6.938,493
8,631,356
7,282,211
Sales of home-grown. 24,18.5,775 16,763,459 19,865,213 16,593,029
not yet decided, however, whether this is to be imdertaken
Total
57,450,266 52,503,477 51 137,691 46,621,357
immediately, or whether it will be postponed and brought
1889-90.
ISSSO.
1887-8.
1888-7.
out as a separate transaction.
It
is
imderstood, too, iver. price n-beat week. 298. 9d.
29a. 7d.
30e. 5d.
33s. 6(1.
iv.
price
wheat
season.
303.
that the biU for renewing the concession to the Bank
Od.
329. Oi.
303. 21
32». td.
The following shows the quantities of wheat. flour and
of
France
will
be
introduced
in
the
Chambers
almost immediately.
When M. Rouvier induced the Bank maize afloat to the United Kingdom:
Thit week.
Last week.
1889.
1888.
to come to the assistance of the Comptoir d'Escompte twelve _„
WTieat
qrs. 1.885,500
1,884,000
2,256,000
1 3'.9,000
equal to jrs.
259.000
269,000
2:-i3.ooy
176,000
months ago, the Bank .stipulated for a renewal of its concession. Flour,
Maize
ars.
550,000
377.000
293,500
281.000
The main points were then settled, and as the Government reEngllsb Fluanclal market*— Per Cable.
quires the assistance of the Bank to make the new loan comThe daily closing quotations for securities, &c. at London
pletely successful, the Bank is able to insist that the understanding shall I'ow be carried out. The general expectation in are reported bv cable as follows for the week ending
February 28:
Paris is that these various measures will lead to a great
increase in activity upon the Boiuse.
London.
Sat.
3fon.
Tiia.
Wed.
Thur$.
fri.
In Berlin, on the other hand, the situation is rather graveSilver, per 02
44
d. 43Sie
44
43i3ie: 4378
4313i
Mining and industrial shares generally have had another fall, Consols, new 2% percts. 977,6 977,„
9738
977,8
979jB
do tor account
9758
9758
9T58
977,,
97 « '971518
and it is thought that a slight accident may bring on a fVoh
88-10 88-1212 88 321s 88-40 88-42i«
rentes (In Paris) fr. t<805
crisis.
The proposal of the Emperor for a general labor 0. 8. 4i38of 1891
10534
105% 105% 105% 116
106
125i«
125i«
a. 8. 4s of 1907
12513
125 la 125ifl 1251a
conference seems to have impressed operators unfavorably
Canadian Pacillc
76 1«
7058
7678
76%
761a
767e
6968
7018
69 7g
6958
69%
as it makes the socialist movement appear even more serious Chlo. Mil. & St. Paul.... 69%
Illinois Central
II714
lie's
1171a I1714 11; la ll-ia
that they thought it. The news from Italy, too, continues to Lake Shore
IO7T9
U8>e 10758 108
107% ,108
Na.'ihvlUe..
8838
87
87
87
88
88»a
be unsatisfactory. The banking and building crisis which has Louisville
72I3
72 14
Mexican Central 49
72 14
7269
7238
721s
i09i8
lasted so long still continues. Numerous failures are reported, N.Y. Central & Hudson. IO914 109
10938
10918 10959
N.Y. Lake Erie & West'n 2612
2^38
26ifl
2658
2678
26%
and the directors of two banks have been deposed from office
do.
2d eons
10313
IO313 103%
1031a 1031a 103^8
Norfolk A Western, pref. 63 14
6213
';2is
6358
62%
63%
by the Government on the groimd that their
,

.

<fe

balance-sheets

have been improperly made out. In Portugal matters seem
going from bad to worse. The political excitement against
England does not abate, and the measures taken to gratify the
feeling of hostility are seriously hindering Portuguese trade.
Most people apprehend that it will end in a revolution.

Trade continues satisfactory in spite of the stringency in the
The railway traffic returns show gratifying
increases upon those of last year, though the augmentation is
of course not proportionately as large as it was twelve months

money market.

A

considerable part of it, too, is in passenger traffic.
apparent from the returns that the volume of business is somewhat larger even than it was a year ago. At the
same time speculation in commodities has received a severe
check.
The price of Scotch pig iron warrants fell at one time
this week as low as 51s. lOd. per ton.
The highest price
touched before Christmas was 65s. 6d. This shows a fall of
8d.,
or
138.
over 20 per cent. Silver, also, as already stated,
has given way, so have copper, tin and spelter, and raw
produce generally is also lower, with the exception of sugar,
cofifee and cotton.
The price of cotton has slightlv advanced,
and in consequence the spinning and weaving industries are
again considering the advisability of working short time.
The wheat market continues steady, but without appreciable
ago.

Still it is

change in price.
The following return shows the position of the Bank of
England, the Bank rate of discount, the price of consols, &c.
compared with the last three years:

Nortliem Paciflp, pref
Pennsylvania

&

Philadelphia

Keadln>c.

Union Pacillc
Wabash, nref

£
£
£
23,16M25 23.160,295 23.142,180

Circulation
Public deposits
Other dopositH

Government

securitleB
securities

Other
Reserve
ColB and bullion

8.480,116

9,412,456

32,878,667
13,862,609

23,298,066
14,499,861

20,942.646
14,780,300

22,049,726

Prop, assets to liablUtleB .per cent.
Bank rate
per cent.
Consols
CleariQK-House return
.

Messrs. Pixley

& Abell

aS pC.«

6

97 6-16

1887.

£

;

Imports and Exports for the Week.— The imports of
last week, compared with those of the preceding week, show
a decrease iu both dry goods and general merchandise.

The

total imports were' $10,856,071, against §11,206,601 the
preceding week and $9,.56 1,103 two weeks previous.
The
exports for the week ended Feb. 25 amounted to $6,810,204,,

against §7,960,810 last week and .§5,708,733 two weeks previous.
The following are the imports at New York for the week
ending (for dry goods) Feb. 20 and for the week ending (for
general merchandise) Feb. 21; also totals since the beginning
of the first week in January.
FOREIGN IMPORTS AT NEW YORK.

22.126,393

4

write as follows

m?o fi' "n
Tifr; "",

om

=,.?i^^*'~'^®?''.™j""''''" '"*''* •">« caused (ireat neglfet or silver, and
^'""'"''s
'•'"''"" '<> * considerable deeliue.
Compatut yely
fSS« '",.'"'"'*^ H;'"* '?^"'*."
rtone, compared with the .r.o.nious amounts
li',"
liVi."

.?"';••"?•' today is 437,,,. Anivals-Ncw Yuikrsil"
.-^^-'i
o^«'mT"S
Shipped— To JJombay, £238,000.

o
0>P0.

i5 (W4

iSPf

^'i'l'^^l'^^^S

'"^'"

'*"^,'= '"=*''?

°* "

"

$9,833,920, $10,297,307

J8.951,764

$10,856,071

1.

I

fl"*"!

neglected.

1

«* » '""e over rndtlng
Ar. Irals-New Yorli,

I

32i!,761.D02

46,552,971

49,605,(14

52 352.0.0

$29,249,694
48,961,517

Tjtal.8 weeks..! $71.071,657

»75.9'n,995

$70.113,622

$78,211,21 1

The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending February 35 and from January 1 to date:
E.XPORTS FROM NEW YORK FOR THE WEEK.
1888.

$6.C 03,060

36,672,979

48,610,922

$6,810,204
40,124,047

$44,543,119

$47,742,354

$54,014,582

$53,234,251

.«7,8?0,140

Prev. reported.
TiitaJ, a weeks..

1890.

18S9.

$6,454,232
41.28?, 122

For the week...

shows the experts and imports of specie
at the port of New York for the week ending February 22 and
since January 1, 1890, and for the corresponding periods in
1889 and 18b0:
BXPOBT8 AND IMPORTS OP SPECIB AT NEW YORK.

The following

table

JmporlM.

Sxporti.
(fold.

The following shows the imports

of cereal produce into the
United Kingdom during the first twenty-three weeks
of the
season compared with previous sea£ons:
IMPOET8.
1889-90.
1888-9.
1887-8.
188€-7.
yiieat
cwt. 25,480,018 29,201.325 22,618,122 22,640,087
Barley
8.708,551 10,527,622
9,27:-',821
10,239.40'i
Oat8...
6,324.872
8,141,551
8,254,968
7,016,009
Peas
852, j70
995,539
),t8+,e02
1,098.717
Beaus
l,f 80,927
].342,H39
1,1M9,9S8
1,147,347
Indian corn
13,203,08.^ 11.127,342 10,214,186 11,585,719
Flour
7,775,473
6,93«,493
8,654,356
7,182,211

6,555,955-

S24,518,68(i| !S26,29e,9.Sl

1887.

Withe r.wnfrM^V.P""'";^''^
'"'
^"""^'^'s-Nata', £98,000; Australia, J69,000.
Total, £97 OOP

nari.v

.}i4.300.116

:

mmket

" ^

J3.365.276
5,." 86,488

6,222,715,

Total

1890.

J3.917.303
6,380,004

Gton'l mer'dlse.

14,758,629
21,718.824

2ki

I

$3,611,215

19,025,273

1889

1888.

1887.

Dry Goods

1.275,945

28,20.S.O00 127,699,000 140.92i;.000 156.681.000

66
311a

First National Bank or Gallatin, Tenn. Capital. $50,000.
Ja^. W. Blackuiore. President; W. R. French, Ca.sl'ier.
First National B.mk of Fort Pieire, Soiiih Dakota. Capital,
$50,000. Eugene Steere, I'residen Frank .Sutton. Cashier.

21,707,001

48«

20%

3158

4,237— The

Smee Jan.
Dry Goods

3

6718
3214

76
56

Cashier.

Sen'l mer'dlse.

iiU

20 13
67

56%

4,236— The

13,120,782

0815-ie

2058
6758
3178

:

16,260,774

22,563,711
511^

2058
6758
31^8

—

22,080,709

15,181,213, 14,916,541

70
56

76

56

20 19

National Banks. The following national banks have
recently been organized
4,235—The Corn Exchange National Bank of Sioux Citv, Iowa. Capital,
$300,000. John C. French, President; W. G. Ilarcourt Vernon,

8,994,088
23,666,006

6,231,014

75%

55%

©joimwcvcial mid UXlsccnaucwxts IHf xus

23,397,170

"'.^"''^
''f" ?"^ «* '™K'l' »' ooii.sicleraljly greater
P",^''''?^'"/ "P""
arrivals from Natal
I5»"l' "' England has received eold fi
Holland and
iS543,(,00.
wlifle
*50,000 has been
'?

va?ni'V„T/l."rH'Y,'l',°

FrAml

1888.

7555

5575
2OI2
68
3214

April account.

'

For Week.
1890.

75%

Week.

Since Jau.l.

$28,018

Sreat Britain
France

Week.

$530

Since Jan.l

$350
783.580

Germany
West Indies
Mexico
8juth America

AU

$562,080
100
5,000

other countries.
Total 1890
Total 1889
Total 1888

.
.

.

5,000

$572,180
813,893
458,363

7e4,419

10,000

1,600
107,911
5,0C0

2,940
2,740

5926,948
2,288,650
2,090,1541

$16,230
103,125
52,528

67'454
3,085
31,802
172,957
$1,059,428
1,129,890

767,95»

March

1,

THE

1880.J

aineeJan.X.

Week.

Great Britain.
France

Week.

25,lb2
.

Total IbOO

TotaJl889
Tota U83 j

17,340

"s'.obo

South America. .
AU other oountrlea.
..

Jan. 1

Verobants'

600

69,372

5-13,515

2,606,947
2,081,909

36,527
34,932l

if248,127
242,

IH

275,1)71

Of the above imports for the week in 1890, §10,300 wore
American gold and $1,350 American silver coin. Of the
exports durin? the same time, $16,080 were American gold coin.

—

&

Shanghai
The New Yorli agent of tlie Hong Kong
Banliiug Corporation is in receipt of a telegram from Hong
Kong stating that at the regular half-yearly meeting of shareholders, held there on the 22d of February, the usual dividend
of £1 lOs. per share was declared, together with a bonus of
IDs. per share
besides which §300,000 was added to tlie Reserve Fund (increasing that fund'to $4,600,000), and a balance
of $140,000 carried to the credit of the new account for the
present half-year.
;

—The

Connecticut Mutual Life Insurance Company of
Hartford has issued its 44th annual statement, which may be
found in another column. In connection with the statement
President Green has issued a report giving very full explanaThis can be had on application of the company's affairs.
tion.
The President refers particularly to the schedule of
assets and the ample and solid surplus over liabilities which
the

company

to exhibit.

is aljle

— The 40th annual report
year was $3,668,710,

Manhattan Life Insurance
another column. The income for
of which $1,465,587 was paid to

The gross

assets are given in detail, aggregat-

Cpmpany may
the

of the

be found in

policy-holders.
ing §11,729,400.

—

Auction Sales. The following were recently sold
by Messrs. Adrian H. MuUer & Son

at auction

12

150
60
60

Sfiares.

20 Nat Bankof Depcsit.... 105>4
50 Second Avenue RR
105

I8OI4

153^

157
1130g
Cblc. Burl. &IJor. RR .. 29
Tol. Peoria & West. RR.. 15 >«
Un. N. J. RR.& Ciin.Co's. 232iii
Couimeicli.l Nat. Uiu.k.. 107

Boiids.

$5,000 No. Mlssonri RR. Co.,
1st, 7s. 18i'5,

8 N. Y. Life Ins. & Tru^t.. 700
20 Farmers' Loan & Tiust.. 700>s
138 Ami r. Loan ATru8t.H5-110
5 Nlcai nguan Can. Con. Co. 44
ISOBrocKljn C.t.v KR
160
30 Broadway Ins. Co.
1381a
200 Mcclianits' Nat. Bank... 216H
41 BaLk of Amirlca
21014
179 PLani.'i National auk.. 137 5i
30 Bank State of N. Y
1135|s
28 Am. Excli. Nat. BaLk... .1(13
5 Nat. Si oe & Leather Bk. 171
25 Niit. Bank of Commerce 2(0
3 N. Y. Produce Exch. Bk. II3I3
'',8
27 Liberty Ins. Co
10 Commonwealth Ins. Co. 81
50 Standard Oil Trust
170
75 N. Y, X, II, & Hart. RR..250

Co., 1st 5s,
,

!

Butchs'dSJj.-.

Cential

Chatham
Chemical
City
CltlzeuH'
Colaniljia

Kud

200

Fifth...

,

Fonrth

160

310
lis

210
145
^..u
SiO
River.. 160

LfatherMts' 248
Lincoln
200
Madison 8q..

mo

K ercantile. 220
'Merchants .. 155
KMerch'ts Ex. 123
-hMetropolitan
8
rMetro](oli8.-. 325
Mt. Morris .. 369
.i| Murray HUl. 2.'S0
r

.

Nassau

172

~ BANKS.
"

Batchers' & Drovers'.
Xechanlos' <t Traders
lireeuwich
l.eather Mannfaot'rs.
aevenih National
Itateot Now York...
American Exchange..

'lommeroe

Braadwar
Moroantue,
aepabllo

1,600,0

Ohatham

460,0
200,0
700,0

Peoples'

yorth America
Sanover.

A

iui. V. -Stk.l 26

mort. 7a., 1 1)00
114
Br'd»ay ft 7tliAv. St'k..!220
1st

Ist luort., 5s. ii'04
106
2dniort 68, lOl-l...
104
B'way Sniface bds...ii)24 105
Bonds i?uar., 59, iilOo
95
Brooklyn City-Stock
160
Ist mort., 5s, 1902
ji05
Istmort. 78, 19C8
1IO8
Central Cro3stown-Sl'k..ll40
Istmort., 6s, 1922
119
,

'

Pent. Pk.N.ifcis.KlT.-Stk.lllS
Consols. 7b, 1902
118
Chrisfi>li'r&10thSt.- Stk.il40

Bonds,

7s,

1898

110

DryDk.E.B.ABafy-Stk 138
Ist mort.. 7»,

1898

-ilOS
Scrip 8s.. 100
IClflMh AT.-Stoct...:
'183

£•'?.¥?**—

30
'li«

225
108
105
106
100
!li;2

100
110
ll45

122
;121

121
[145
11.)

141
1103

103
'1S8

1,000,0

Irving

500,0

Ottltens'

COCO

ifasiian

500.0
750,0
500,0
600,0

Market

A

Falton
St. Nicholas
Shoe 4 Leatlier
Oorn Exchange
Continental
OrlentaL
Importers' A Traders

Park
North River
Ea t Klver
Fonrth National
Central Natioral..

..

Secoad N %tloni.l
.
Ninth
iitlonal
BtrSfc National
Third National
* Y. Nat'l Exchange
Sowery
Sew York Connty..
ierman-American. . .
Jhase National
,
Mfth Avenne
ierman Exchange...
.-

.

.^

tul ted states
Lincoln
aartteld

nith National
3aak of the Metrop..
Vest Side
Saaboard

Total

Capitat dC|
Xurvlus.

N. York.'
Jan. '.lu ..
feb.
1...
"
8...
"
15
"
21...
.

Boaton.'
Feb.

8...

•'

16...
21...

"

Phlla.-

"

8

ijeb.

..

16....

"

21

1,000,0
1,000,0

300,0
1,500,0
2,000,0

240,0
260,0
3,200,0
2,000,0
300,0
750,0
5j0,0

11,800,0
10,560,0

1.668,7
l,30fl,l
K'-3,w

1,773,01

651,9
2.342,8
219.0
8,052.9
130,3
1,372,5
287,7
214,4
116,7
801,0
80,7
477,5
1,631,5
3,281,6
1,645,9
801,8
376,2
889,2
624,0
260,8
499.4
1,283,8
280,3
402,3
196,8
697,5
200,0
248,3

10,.50I,7

2,080.M
21,979,7
3,777.4
5,412,3

i

1,970,1

2,738,0
1,250.9
2,854,1
1,356,7
3,649,8
18,003,0
18,290.3
5.594,4
8,404,9
2,79B,0
12,17:,
5.901,9
2.367,2
4.863,8
14,286.6
3,056,0
2.807,2
2,684,8
4.101.8
1,834,3

l,i:;i).9

277.0
364,8
4,528,7
2,197.0
99,3

132.8
1,543,1

663,7
•265,5

1,000,0
300,0

319,4
8,107,8
307,4
138,4

250,0

437.2

•200,C

.!89.6

750,0
500,0
100,0
200,0
200,0
600,0
300,0
200,0
150,0
300,0
200,0
500.0
3.500,0
300,0

231,8
752,9
737,8
458,7
394,5
498.9

737,4'

464,0
549,3
0O9.O
616,0
148.4
1,368.6
6.39.2

340,8
78,2
463.0
100.7
190,3
37.8
321,0
689.0

•=65.0

6,507,4
4,360.0
2,197,2
22.717,5
21,450.8
1,969,0
1,085,0
17,490.2
7,022,0
4,218.0
5.618,9

839.6
007.4
13 0,9

3,783.8
4 683.3
101.7
222,1

36.461,0
4,301.3
*.'.2t\S

1,736.6

32.1570,8

419.rt

356.0

3,10',J.O

,1.8543

688,6
144,9
381,0
670,1
169.6
160,8
260,4
90,8
136.7
370.0
216.0
660.3
344,9

298,8
864,6
223,2

•

442 4

11.480,0
10.426,0
7,717,0
8,232,0
11.390,9
.4.1' 4.0
11,274,8

1.P67.8
3,103.0
1.194,0
2,571,7
1,323,0
2.733JJ
16,689,0
ll,062.g
4,489.3
9.099,4
3,007.4
13,877.8
8,276,3
2.914,8
4,716,3
16,648,5
3,130.0
8.784,8
3.371.3
4,461,6
1,778.0
3,881,0
6,601,5
4,980.1
2,110.3

1,871.4

1,022.9
163,8

24,b37.3
2,178,0
1.100,8
3,495,31 1,013,4 17.S38.3
1,«B8,0
8,671.0
776,0
1,208,0
73,0
5,117.0
1,408,5
331,6
8.308,3
4,842,2
984,3 22.767,1
1.883.0
500,8
8.339,3
350,4
1.491.8
86,9/
659,0
2.82.3,0
220.0,
709,0
197.0
2.973,5
473,1
'2.723,4
154,81
2,073,4 1.071,2 11,612,5
993,4
4.760,1
210,0
183,1
3.316,1
618,9
154,1
314,0
2,831,3
1,28S.9
5.840,4
80,8
888.6
210.3
3,646,3
670,3
3,892.7
361,01
•24 6,5
389,1
1,972,3
1,079.2
6,178.0
283,61
370,0
2,230,0
184,0
644,0
635,o!
4.742.0
1.767,7
295,1
9.296.1
1,082,0
4,124,0
118,0

7,219,2
1.487,7

2,9IJ2,S

2,452.0
4i890.9
3,051,5
2,970.5

'1

826.0

21'2.0

2,628.0
2.525,5
2,955,4
P.769.6
4,339,4

275,0
512,3
231,5
145.8
258,0
718,9

610.01

3,319,0
1,195,3
355.5
1,469.0
411.5
3.387,5
777,0
226.5
630.7
5,017,9
609,6

22,971,1)

2,58.9

296,

•

3,460,0
1,380.0
1,276,0
1,871.0
2.294,3
768,0
3,089,8
273,5
7,820,1
470,1
378,3
500.8
127.0
I3S.3
661,4
294,0

9,207,0
11,319,1
4,578,0

1,782,!'

Litalt. tDepoHtr.

1 649,2;
4.322,7;

882,«
133,7
117,3

i

2,184,0
4.085,0
10.266,0
3,917,0

j

60,862,7 57,620,9 414.574,0 8i,911,4 27,723.7 427,737.3

.

Bakkb.

Loans.

Specie.

\

Lrtiais.

118.773.,2400,283 7 89,62'2,6 31.403,4
118,483. 6 40I,27'2, 90.056,2 31.509.4
118,483.,6 112,4:17, 1 88.274.3 29,484,5
118.483,,6 414,211, 9 85,912,3 '^9.171,
118,483,,6 414,574, 0,82,911,4,27.723,7
85.544, 9 155.505,
65,544, 9 153.193,
65,492,,3 152,052,
35,132,,3; 95,323
35,13H,,3 96.313
34.591,,8 96,296,

DevoHts.

\''irr^'n Clea'inof.

423,977,4.1.515.0 889.551,6
428,188,-5 3,337,7 702,926,7
431.69'u>.0 3.373,1 '754,146,1
430,348.4 3,392.3 079.961,4
427,737,2 3,336,6 688,«40,3

8,770,6l 6 083,1 :32.349,7l2,601,8'
9.406,3, 5,183,8 130,703,6 2,604.3
9,3?9,0| 6,319,9 128,749,5 '.',824,8

24,913,0
24,238,0
23,254,0

Ask.

New York...

245
N.y. County. 4H0
N.Y.Nat.Ex. 13.)
Ninth
155
N. America..
••

600

Park

2hl)

265'

People's

245

Phenix...

«•«*

Produce Ex.

111)

ii'o"

252

92,525,0 2.133,0
92,6530 2,138.0
91,676.0 2,131,0

98,768.3
93,053.5
7<',726,5

71,714,8
64,C08,S

Ibj
127

1:10

•

6(>,763,8

Side.

Boston and Pblla-

The banking firm of Chase &,Higginson will be dissolved
on April 1. Messrs. Edward E. Chase and James J. Higginson
will retire from active business.
Mr. George Blagden goes to

,

240

—

146
118

— Attention

Coffin
to-day.

&

is called to the interest payments by Messrs.
Stanton, advertised elsewhere in the Chkoniclb

liiS

Sixth
St. Nicholas. 120
State of N.Y. 112
Third
130
Trmlesmen's 85
Tjnlt'dSt.itet 215

West

f InctudlnK, for

—

i(12

Kciiuhllc... IH5

Western
il74

,

the firm of Clark, Dodge & Co.
The firm of Green & Bateman has been reorganized as Bateman & Co the partners being A. E. Bateman and Charles E.
Coon, both of the old firm.
The Farmers' Loan & Trust Company pays quite a number
of coupons due March 1st. List of s,ame will be found in our
advertising columns.

115

Seaboard ... 141!
Second
326
130
Seventh
ShoeALeath. IHO

230

*•;« 0"»»t two ctphert tn all that flguret.
aainhla, the item '• due to other banu."

130
116
-

gaulilug antX ^tmittciitl

-

HO

sm

07

Spencer Tuask &

200

'~EighlhXv^Sc"rip;0s,1914 lOfi
42d & Gr'ud St. F'ry— Stk. 2t0
1st mort. 7s, 1893
108
42d St. Manb.ift St.N.Ave. 40
1st moit., 0», 1910
114
2d mort., Income, 68 ....' 59
Honst.W.St.Jtl'.j-'y— Stk. 200
1st mort, 78, 1894.
1109
Ninth Ave
103
Second Ave.— Stock
1(>5
!i
Ist mort, 5s, 1910
105
SIxih Ave.— Stock
185
Istmort, 78, IfeOO.
105
Third .^vo.-Stock.
240
[I
Bonds, 39, 1937
Twenty.third St.— Stock.. 206'
Istmort, 7s, 1893
107

Co.,

BANKEaS,

City Railroad Securities— Brokers' Quotations.
Bl'ckerSt.

200,0
600,0
300,0

422,7

c'aolflo

f

"»

«

2,000,0
2.050.0
2,000,0
2,000,0
3,000,0
1.000,0
1,000,0
1,000,0
300,0
600,0
1,000.0
300,0
200,0

1,200,0
6,000,0
6,000,0
1,000,0
1,000,0

SpMte.

—

Bid

175

.

j

146%

Pacillc

Manhattan... 190
Markets Fu;;2i2
Mechanics'. .210
M'ch8'&Tr«'.|245

.

M&N

North Hiver. 145
Orieutal
215

1

lm.<s;Trad'"'!5d0
Irrtiig
190

ifc'O

f'lfthAve... liiOO
First
2U00
First N S. I. lit)
I4th Street. 165

290
400

"A"8k.

Germaida...
Greenwich..
Hai-oTer

230
Commerce... 305
Commercial.. 105
Contiueutal 134
Com Exch... i4U
East Ulver.. IbS
llth Ward... lan

Bid

Ttallatin

:88
145

31tr

rradeamen's
Ohemtoal
Merohants' Rxch'nge
aaUatln National

Fir^t Natloual,B'klyn

— Latest prices this week,~

Garflold

250
325
420C
470

Clia.se

1914,

List

German Am 120
Gennan Ex 260

Broad way... 290

Phenix.

Loan*

,

BANKS.

America
213
Am. Exch... 162
A*bury Park
Bowery
275

tfeotianlos'

Amerloa

W««t<ini National

Temporary

Ist, 6s, 1911 ,J4J
107%
$10,000 Atlanta & Chi.rIotte
Air Line R'y, Itt, 7s, 1907 119^
$1 ,200 Montclalr& Greenw'd
Lake R'y Co. 7s, 1916
$6
$2.' 00 Am. Bock & Improve.
Co Ist, 5k, 1921, J&J (end. )108
1*5,000 Mc ri is & E,<.sex RR.,
1st. 7b,

Bank Stock

115^8

Cenittcate
Ill
$8,000 City of Elizabeth, N..T.,
Consol'd 71", '80, April, '79,
coupons on
lOO^a
$45o Toledo Peoria & West'n
RR. 48. Bciip, ISaS.
79 "a
$10,000 MIniieap. & St. Louis
R'y Co.,73, lt;c8., Jan 1,'91 5518
$10«,0CO Town of Haitf. rd.
Conn., cons, is, 1909, JAJ 951*
$9,C00 Col. & West. RR. Co.,

.

BANKS.

J&J

$1,000 Houst'n cfeTer. Cent.

RR.

<

^emanla

:

100 Henesel. & Saratog. RR
80 Sale Deposit Co., of N.Y.
100 Wasb'n Life Ins. Co.N.Y.
100 N. Y. Lack. & West. RK.

I

SurpIiM.

Capital.

:!9,i)23

*17,!>10,

Bank Statement for the week ending Feb.
We omit two ciphers (00) in all caset.

Banrb.
lOOi omitted.)

itankot New York.
IfaobattanCo

5(l.00?,269

280,000

City

9,773
70,574
2.377

J604.fOO

303

31, 18S0, is as follows.

ii64.757
1,351

19,000

.

New York

Sitiee

if3,952,997

Germany.
West Indie
lies..
Uexlco

CHROISACLE.

Importi.

Exporlt.

Nob. 16 and IS Broad Street, New York City.
ALBANY, N. Y.: SABATOGA. .V. Y: PROVIDENCE, R. I.:
'TR.\NSAC'r A RGNER.AIi B.ANKIMtii BUSINESS.

110
42

115s
60

All classes of Securities Bonglit and Sold on Commlsiilon. Special
attention Klven to Investiueut Securities. Direct wire to each otllce

and

to PhiliulelpliJa.

Boston and Chicago.

no
110
107
107
190
106
250

'

.

I

2 75'
1

109

SPECIAL BiOTICES.
H*°COlINTY BONDS

— EIGHTY THOUSAND niNNE.

halia County, Dak., Court-Hoiise liapor cont Bonds. Miiturlng in fifteen and twenty years. Assessed valuation if7,S28,290. Total debt,
only $9'2,00D. Population 25,000. Debt limited hy statute not ex

oeedlng 4 per cent.

208 Broadway,

New

Offered by the EQUtT.vBtK Morto.voe Compant
See card ou first page of Ghbosiclb.

York.

THE CHRONICLE

Jul

X'lue

The

gaufeers' Cia^ettje.

[Vol. 1,

rates of leading bankers are as follows

rebruuru 28.

DIViltKNDSi
The

followlnir dtvldends

have recently been announeert

Namtof Onmpany.

Per

When

Cent.

Payable.

Bnoka Closed.
{.Diya itieiitaive.)

:

Sixty Days.

Dp.mand.

Prime hankers' .sterling bills on London. 4 81 •o a 4 82 |4 85Ja « 4 86
Prime comniprcla'.
4 7yH!«4 79%
Documentary commercial
479 447914!
Paris (fr.iucs)
5 2212' 5 2178 5 20i5f.S5 20

Amsterdam

(guilders)
Frauiif oj t or Bremen (relcbmarks)

39%®39i:<,a|

40 if40i,»

9414^9433

9i%a9478

Knilroads.

The following were the rates of domestic exchange on i^ew
Boston & Albany {cuar.)
2
Mch 31
MtsirllniieniiH.
York at the under-mentioned cities to-day: Savannah, buying
Vi estuiKhouse Elccti-ic
Moh.
1 Fob. 24 to Mch. 1
par, selUng i^'SK premium
New Orleans, commercial, par
@25c. premium; bank, $1 premium; Ch.arleston, buying par,
WAI.I, STREET, FRIDAY. Feb. 88, 1890-3 P. M.
The Money Market and Financial Situation.—Tlieio is selling ig premium; St. Louis, 2.jc.(a 50c. premium; Chicago,
some talk about a close money market prior to April 1, which 25c. discount; Boston, 15c.@17c. per $1,000 discount; San
is made the most of for the purpose of depressing stocks.
The Francisco, sight 25c. telegraph 3oc.
bank reserves are low, but on the other hand speculative busiCoins. Following are quotations in gold for various coins:
$4 85 ®$4 90 Fine silver bars.. — »5%a — 96'3
ness is near a minimum, and when everyone is cautioned against Sovereigns
Napoleons
3 f6 ® 3 90 Five francs
» — 95
tight money, it is not as likely to come. There is another X X Reichmarkg. 4 74 » 4 80 Mexican dollars.. —75 a — 76
25 Pesetas
4 80 © 4 87
Do uucommerc'l — 74 ^ — 75
point of much importance, which is that the accumulation Span.
Doubloons. 15 56 ®15 70 Peruvian sols
— 70 ® — 72
of money in the Treasury is the chief cause for Mox. Doubloons 15 55 ®15 6> English silver
4 82 a 4 86
Finegold bars...
par ®3,nprem. U.S. trade dollars — 76 8 — 78
our lower bank reserves, and 'a change of the Secretary's
United States Bonds. Business on the Exchange has been
policy may at any time lead to heavier disbursements. There
are §117,000,000 4)^ per ceuts which mature and can be paid small, but prices are firm, especially for the 4s and the cur.
63 of '97. The takings by the Government during the week
ofi at par just eighteen months from this date, and it is fair to
.

.

;

,

—

—

suppose that the holders, contemplating this

and more inclined

to sell

fact, will be

more

them and obtain the current

pre-

have been only §749,100 of 4i^s.
The statement for this week is as follows

mium.

4K Per

In the railroad world the material facts remain as good as
ever. Railroad earnings are very heavy and for January

some companies report the

largest receipts ever

made

in that

month, among these being such prominent roads as Northwest, Pennsylvania, Norfolk & Western, Louisville & Nashville and other Soutliern roads.
The low prices for corn, oats
and provisions are hard for the farmers, but they stimulate
both export and home trade and make 1 irge freights for the

Batnrday

Monday

Prica paid.

Offerings.

OenU diu

1B07.

Purch'M. Price*

v***"

...

195,000

ttis.ooc

Tuesday
Wedn'sday.

62,5,200

Thursday...
Trtday

33.9U0
85,000

625.200
60.000
33 900

Total.

4 Per

Centt iue 1891.

OfftrinQS. Purch'es.

:

—

.

60.000

|ir4[>.l:0

..

The closing

35,000;
t-4!'.li)0

104«
104X
10454
10l9«

X 10314
104^-xlO'i!^

Board have been as follows

prices at the N. Y.

:

railroads.

At

the Stock Exchange the bear campaign has had some

success, but the only stocks that
seriously were a few specialties that

have been broken down
had reached high prices;

we have

often spoken of the risk attending stocks of this
character. It looks now as if the downward tendency
had
about run its course, provided the money question could be
disposed of and whenever operators can look forward with
;

some confidence
stocks will

money,

to fairly easy

it

is

with

5

'

sell

higher.

per cent as a fair average;"to-day"the rates^were
cent.

Prime commercial paper

is

quoted at 5a5>2

per cent.
H^. The Bank

of England weekly statement on Thursday showed
a gain in specie of f 534,000, and the percentage of reserve to
liabilities was 47-33, ajainst.50-03 last week; the
discount rate
remains unchanged at 5 per cent. The Bank of France lost
1,375,000 francs in gold and gained 175,000 francs in silver.
^ The following table shows ^the changes from the previous
week and a comparison with the two preceding years in the
averages of the New York Clearing House banks

1890.
Ftb. 28.

Capital

Surplus

loans and

60,862,700
57,tili0,900
dlac'ts 414,,574,000

Dlfferen'afmm
J'rev.

week.

23.

.

362 100 408,,955,901); 366,680.600

3,336,600
427,737,200
82,911 ,400
27,723,700

Reserve held

110,03.~),100 Dec. 4,44«, 100 125, 31i5,000
106,934,300 Deo. 652, 8001109,;574,850

I-egal reserve

Sorpliis reserve

Dec,

1888.
Feb. 25.

60, 762,700
52,402,600

.

Ino

1889.
Peb.

Circulation
Net deposits
Bpecie
l«gal tenders

55, ,7oo;

4.,360,000

7,680,700
Deo 2,61i; 200 438, 299.400 380.467,100
Deo. 3,000 900; 90, 022,900 77,011,100
Dec, 1,448, 200 35, 292,100| 33,306,100

110,317,20J
95,116,775

3,700,800 Doc.3,796,300, 15,740,150' 15,200,425

Foreign Exchangre.—Exchange has been dull and weak,
owing mainly to a freer offering of security bills on the sale
or negotiation of stocks and bonds abroad; the money market
in London is tending towards ease while ours is rather firmer.
Posted rates have been reduced during the week, and are now
4 81i^@4 82 and 4 85i^@4 86.

The rates on actual business were as follows, viz.: Bankers'
60dayg' sterling, 4 803^@4 81, demand 4 841,^(34 85. Cables
4 85@4 85J^. Commercial bills 4 791^34 79;^. Continental

^%

were Francs, 5 21^@5
marks, U%®U}i and U}i<gU%.

bills

4s,
4s,
68,
6s,
68,
6s,
68,

probable that

The open market rates for call loans during the week on
Btock_and bond collaterals have ranged from 2 to 10 per cent,

5@10 per

4128,1891.
4i2S. 1891.

and

5 20(85 213^; reich-

1907
1907

..

..

...reg.

Interest

Feb.

Periods

22.

Q.-Moh.

.'coup !({.-Meh.
...reg. Q. -Jan

.coup.O.-Jan.

cur'cj-,'95. ...reg. J.
cur'cy,'96 ...reg'.! J.
cur'cv.'97, ...reg. J.
cur'cj ,'98. ...reg. J.
cur'jy,'9?.
.reg. J.

&
&
&
i
&

J.
J.
J.
J.
J,

Feb.
24.

Ffh.
25.

Fb.
26.

27.

Feb.
28.

103i2»103i2 *103i2' 10312 *103ia
101 12' 104=8 *]01l2 10112*10419
•12214*12218 122% 122 *x21i4
122l4*122ls *122i4 122i2*li2i4
116 1-116 *116
116 1*116
'118
*118 !*iis
118 *118
'120 \*liOhi *120ia 12012 *120i3
'124
"124 *121
124 *124
•126i« 12612*1261*
'126 1*126
1'

I'

i'

This Is the price hid at the morning hoard

;

no

sale

was made.

—

State and Railroad Bonds. Tennessee settlements have
furnished most of the business in State bonds at the Exchange,
the sales being §48,000 33 at 73J^ (974 and §500 small 3s at 72;
The only other sales were $600 N. C.
also $2,000 63 at 109.

and $5,000 Va. Cs def. trust receipts at 7}^.
Railroad bonds have been rather dull, and prices continue
The features have been Fort Worth & Denver City
irregular.
Ists, which have been active and advancing, and West Shore
4s also active and firm. Col. & H. Val. 5s have declined IJ^
P. & R. 3d pref. incomes have declined to
per cent to 76}^.
On Thursday
38, a fall of 3J.^ per cent from last Friday.
Tol. A. A. & Cad. 6s. told moderately at 106@ 106i^.
Transactions in the newly-listed Atchison 4s were at SS}4& 83 5^.

consol. 4s at 97

Railroad and Miscellaneous Stocks.— The market continues irregular, and while many stocks are below the quotations of last Friday, others have advanced fractionally. On
Tuesday there was a belter feeling, notably in the grangers
(C. B.
Q. going to 104)^), and there was considerable buying
of Western shares on Chicago account, due probably to exhilaration caused by the decLsion of Congress regarding the

&

On Wednesday, however, the improvement
and the market became irregular again. One
feature of the week was the continued fluctuations in Tenn.
Coal & Iron, which reached 51 on Monday, a total drop since its
World's Fair.

was

lost,

recent break of 31 per cent; it closed to-day at 58}^. It is understood that the free seUing and lack of sufficient support to
check the movement were the causes for this decline, rather
than anything unfavorable in the company's affairs. Col.
Iron, in sympathy with Term. Coal, declined to 43
Coal
on Monday, and subsequently recovered, but fell again toNash., Rock Island, N. Y.
New Engday to 423^:. Lou.
land and Union Pacific have also been active; the latter
reached 66^^ Tuesday, but on active selling Thursday and today declined to 62^8, closing at 631.^. O/egon Short Line
Utah N. sold down to 43 to-day; New England also sold
down to 43 on Monday, but closed to-day at 44. Edison General Electric stock closes at 105.
Trust stocks are comparatively dull. Sugar, on a fair business, has declined to 605^ from 66J^ on Monday, and Pipe Line
Certificates, also moderately active, dropped to 98 Thursday
from 105 on Wednesday, and close at 993^.
Other Trust quotations without important change, Lead closing at 17i^,
against 16^8 last week.

&

&

&

&

Mabch

1&90

1,

THE CHKOMCLE.

]

STOCKS-PRICES AT

M. T.

STOCKS.

Artive

KR.
&

AtchlHou Top.

Canadian

STOCK EXCHANttE FOR WEEK EMDINU
HIQHEBT AND LOWEST PRICES
Monday,

Saturday,
Feb. 22.

Tuesday,
Feb. 25.

Feb. 21

Ktockii.
Santa Fe

3258
•737a

Pacitlc

53

Canada HoiuUem

33

32%

741s
5314

741a
5314

Central of New Jersey
Central Pacillc

121
12U% 122
33% 33% 33 14

Chesapeake &0.— Vot.Tr.oort.
Do
do Iflt pref..
Do
do 2d pref.
Cblcago Burlinsruin & Qiilnoy.

2219
•57
381a

.

Ctaicaio

Do

A Kasteru

ChlcaKO Milwaukee&St. I'aul.

Do
Chicago

Do

pref.

& Northweatem

Chicago

St.

Do

89%

<fe

Do

& Ga

& Western
oref

Do

16

New York Lake Erie & West'n
Do
pref.
New York & New England
New York Ontario & West
New YorkSusquehan. & West.
Do
pref.
Norfolk & Western
pref

Ohio & Mississippi
Oregon Sh. L. & Utah North..
Oregon & Tran.s-Continental..
Peoria Decatur &J3vausvlIle

25%
61

44 14 454
171a
714
•28

171s
714

29
20

20
6118
*30ia

a
o
g

6118
311s

73% 74
•21
22
471a 48

2

34^8

341a

20

•181a

Phila.& Kcad.Vot. Trust. Cert.

39

Blchmoud&WestP't Terminal

4010
2058
7712

2OI4

Do
pref.
Rome Watertown & Ogdensbg
Louis & San Francisco
Do
pref.
Do
1st pref.

76%

105

105

Bt.

Bt.

16
7OI4
3712
2578
611a

•69
3714

ist pref.
pref.

pref

17
102

102

10616 1061a

2d

Northern Pacific

8 Is

10%
72%

7116
•16

.

8t.

114

713

New York Central & Hudson.
New York Ohio. & St. Louis.

Do

115

10

Mobile & Ohio
Nashv.ChattanoogaA St. Louis

Do

217e

114

pref.

Texas

trust receipts.
Missouri Paclflc

Do
Do

9
72

10458 105
861a S6hi
8214 84
•45
50
IO212 IO3I2
931a 931a
•92
95

liOnSsvllleA Nashville
Louis. New Alb. & Chlcaxo ...
Manhatian Elevated, coiiso!..
Michigan Central
Milwaukee Lake 8h. & West!!
<t

3212

17% 17%
62% 63 14

Lake Shore & Mich. Southern.
Long Island

Do

135%

115

Illinois Central

Missouri Kansas

311s

•171s

38 le
•85

& Duluth
Do
pref
Paul Minnea. & Manitoba

3818

90

Paul

iii

Southern Pacitlc Co

3OI3
19^8

Texas* Pacific
Tol. Ann Arbor &N.M
Union I'acihc

Wal)ash,

new

Wabash, preferred
Wheeling <& Lake Erie
"*'.
''"
Pref^
„..
V> Isconsiu Central Co
niUccllaiieoiis Stocks.
Chicago Gas Trust
Colorado Coal

Commercial

&

Iron

Co
!
Consolidated Gas Co
Delaware & Hudson Canal
Edison General Electric.
Oregon improvement Co
C.ible

! !

.

^''„.

.

Pref-

& Navigation Co
Pullman Palace Car Co
leuncsaee Coal & Iron
!!!!
Do
do
pref
Western Union Telegraph
Trunt Stock*, (Unlisted.).'
Amer. Cot. Oil Trust receipts!
Oregon R'y

26I4
321a

67

28I3

99

Atlantic

&

'

•2OI9 21
13558 1361s
321a 3312
•9
912
*70ia 7112

327g

33M

33

22%

32% 33M

119% 120
•32% 83

22% 22%

5914
8812

22%
58%
38%
103%

•58
•38

29

•

«<)78

67I4

68

0758

74%
67%

6678

21%
H512

I714 17 '4
63 '4 63 '4
10458 105
•86I2

84
47

88% 90
18
53

3114
•91
67I9
•961a

I8I4

53
3II4

93
6712

89% 90% 89 14 90
17% 1778 '17% I8I4
•52
•31 14
•91

•51
•31

63
32
93
67% 68

97% 97%

97

19% 2OI4
135% 136

86I2
831b

48

97% 97%
135%

17% I714 17% 17% 17
•62% 63
62 ^
62% 63
104% 10458 104% 104%
86 -s •86% 88
86%
8414
8514
84% 85
8a

10458

3178

9

1041a
86I9

46

•00%
•714

68I4

68

2014 20>4
20
I3514 13578 13458
32I2
3178 3178
31%

491s

481* 4814

•48

1021a IO312 102% 102% 102 102% 102
•93
•93
•,93
•J3
94
94
•9314 95
•92
•92
•1)3% 95
95
•lil%113i2
•111
112 112
•1121a 11312
8
8
7
7% 7%
7%
6%
IOI4 IOI4
•9% 10% •914
1016 10%
71% 72I2 72
72% 71%
711a 72%
1618 161b
17
16
10% 16% •16
*
•10314
ibeU ibe'ii ib6% 106% IOOI4 IO6I4 106%
I6I4 16% •I6I4 16% •16
16% •I6I4
•69
•69
*69
•69%
70
71
70
•36% 3712 •33ia 371s •35% 38
•30%
2578 26
2519 2578
2578 26
25%

4378
171a

53
82
91

91

44=8
I712
7I2

20

7

7
29
20
6058 61

29

*27

2OI2

•1913

•60% 61
•30% 31%
73I3
-21
471a

74

301a

35
•18

35 14
20

40

40%

678

27

-21

47^8

31

20% 21

2158

46% 4714
34% 35
•18
3912

7I4

•ii'i"

iiiU ii'i"
1958

35 'h

35%
64%

3978
2078

73

35%
63%

34%

3478

39

39%

20

20%

77%
104
18
38
89

in%

i'16%

2-J%

79
104
19

38%
89

il6%

30%

30%
19%

30

19%

1958

3578
6178

3578
6278
I214

36

12% I214 12%
26% 2678 26% 2656
32% 3278 32% 32%
67% 67% 67% 6778
28% 28% 2878 29%

•12

29

6158

30%

18

30

281a

21%

72

20%
77% 77%

36I4
63=8

7

28

35
20

20%

28%

2578

"43" "45"

30=8

12

70>4

38

21

191a

2618

106%
16%

46

30

66%

16

103

46

3078
201a

12

7%

10

72%

•20
6158
30 14

77
77 %
78
7878
105 '4 103 14 106 106 •104 106
18
18
18
19
39
3914 39ia "39" "39"
*3S
•8713
89
89
88
88

2618

51
102
94
95
113

20%

3458
•18
3914

20

40%

20% 21

iii%

86%
85%

7
27

27

21%
61% 61%
30% 30%
73 14 73%

•20

73% 73%

21%

17

62%

"43% "44% "43% "45% "43% "45"
17% I712 17% 17% •17% 1778

"28
201a

1214

26%
33%

3278

67%
28%

1890.

1,

1800,

Lowest.

4514

45%

.

08 14

99

37%
189

188

30% .Tan. 15 33%
900 x7378Jan. 23 77%
3,514 32% Feb. 27 .'^6>j
2,930 113% Feb. 4 127%
730 33 Feb. 26. 33
2,750 22% Feb. 24; 27%

14,446

Jan. S
Jan. 15
Jan. 23
Jan. 3
Jan. 4
Jan. 2
583 58% Feb. 2U 05% Jan. »
500 37% Feb. 21 15% Jan. .9
56,175 101 °8 Feb. 21 10868 Jan. 2T
300 26% Feb. 3 37»8Jan. 27
1,382 70 Feb. 3 88 Jan. 27
72,182 6678 Fob. 26 71i4Jan. 28
830 113% Jan. 17'll(i%Jan. 29
10,725 107 Feb. 21 112% Jan. 27
135 140 Feb. 5 143 14 Jan. 3
118,748 88% Feb. 19 9868 Jan. 4
4,335 15% Jan. 16 18«4Feb. 2e
2,800 43% Jan. 13 53 Feb. 2(»
800 31i4Feb. 26 35 Jan. 27
92 Feb. 19 97% Jan. 27
2,935 66% Feb. 21 7358 Jan. 29
235 96 Feb. 17 99 Jan. 29
1,510 18% Jan. 13 2378 Jan. 25
75,567 134% Jan. 7 138% Jan. 9
5,575 31 Feb. 21 30% Jan. 28
350
8-8 Feb. 28 10 Jan. 28
67 Jan. 6 74 Feb. 13
"330 20i4Jan. 20 24 Feb. 7
158 115 Feb. 18 120 Jan. 31
1,810 17 Feb. 28 19 '4 Feb. 1
2,400 62i4Feb. 28 68 Jan. 31
4,821 104% Jan. 13 1067b Fob. 7
610 86% Feb. 28 91% Jan. 8
92.108 8214 Feb. 24 91i4Jan. 29
500 37 Jan. 13 53 Feb. 7
1,055 100 Jan. 14 107 Jan. 27
100 93 Feb. 17 96 Jan. 23
9314 Fee. 19 104 Jan. 23
"ib5 110% Feb. 5 117 Jan. 23
3,297 6% Feb 28 11% Jan. 4
1,050 10
Feb. 14 1258 Feb.
3
38,687 70% Feb. 17 76 '4 Jan. 27
725 13 Jan. 7 18% Jan. 28
112 102 Jan. 6 104 Feb. 1
1,570 106 Feb. 19 107% Fob. 6
500 16 Feb. 24 1814 Jan. 27
70 Jan. 7 71% Jan. 6
200 36 Feb. 21 39% Jan. 27
8,200 25% Feb. 21 27% Jan. 29
400 60 Jan. 21 0514 Jan. 2957,850 4314 Jan. 7 49 '4 Feb. 1
1,378 17% Feb. 26 2014 Jan. 4
1,305
7% Jan. 9
678 Feb. 27
400 27 Feb. 27 31% Jan. 25
300 20 Feb. 19 22% Jan. 29880 6058 Feb. 20 63% Jan. 28
1.313 30 Jan. 13 33% Jan. 27
10,85S 72 Feb. 28 76% Jan. 23
20% Jan. 14 23% Jan. 28
2,684 43 Feb. 28 56 Jan. 2
4,575 33% Jan. 8 38% Jan. 27
16% Jan. 17 23 Jan. 27
94,726 33% Jan. 13 43 14 Feb. 7
7.560 20 Feb. 21 23% Jan. 3»
1,725 76 Jan. 18 80 Feb. 3
111 104 Feb. 17 108% Jan. 31
1,000 16 Jan. 11 19 Feb. 26
950 36% Jan. 27 39% Feb. 26
280 87% Feb. 11 96% Jan. 3
32 Jan. 24 31% Jan. 13.
83 Jan. 17 8.3 Jan. 7
"715 110% Feb. 2ili5 Jan. »
2,955 30 Feb. 21) 35% Jan. 3
7,910 19% Feb. 26 22% Jan. 27
4,250 30% Jan. 4 37% Feb. lO'
78,235 6278 Feu. 28 6878 Jan. 23
306 12 Feb. 23 11 Jan. 23
3,431 26% Feb. 23 29% Jan. 27
3,000 30"4Jan. 11 33 Jan. 27
3,487 67 Feb. 24; 71% Jan. 23
2,950 28 Feb. 17 36% Jan. IV

6958
285e

45 14 45%
4514
I514 46%
7,640 42i4Jan.
45 14 4458 45% 42I4 44% 20,445 39i4Jau.
•102%
200 102 .Inn103
103
103 103
957g
95% 9553 2,410 ya Jan.
1.709 147 Jan.
149 •148% 149% 148% 148%
105
10514 103% 105 105%
2,435 92% Feb.
•44
46
50 43% Jan.
15
45
46
-93
•93
92 Jan.
95
96
95
98I4
98 14 Feb.
•98%
•98
410
9314
98 Vi
100
100
37% 36>4 37% 36% 37
36% 36% 5,985i 36% Feb.
•187
950
187
Feb.
189
189
188% I8914 187 187
6II4
58% 60
57% 60
54
58% 46,250 51 Feb.
>112%106
Jan.
860
100
102
102% 102% 102 102
83
83% •8278 83% 83
83% 8,475 8258 Feb.
833f

26%

156

»1i!^

ii-r

'«7
•140

'St
145

•85
5

87

133

133

•151
*11K
I

144

26% 26%
38%
17%

265s
38I4

•381*
I714
9778

17%

100% 105
63
65%
•151

156
If?

*«R3. 'u'a

•140

38I4
17'4

•US
'

89
141

38I4
1714

98%

100%

156
117
89
112

•113

AM,

-110

6068

117

11 .^la

a.'^l,'

115

7

*>1.11..

1*140

1

Ma

fitt

145

f

307 84
75 135

•258
•514

•17
4678
•

•244

•5%

35

•4

•20

3I8

6

19

46T8

107
252

4ai

*13n
258
518

16
47I3

'2iA
6I4
6
3612 "34
'4
5
20
22

86I4

86I4

86I4

•4%

86% 86%'

4%

4%
is.4
•130 la.'s
13.5
•i.^o
Al#l^
'2«8
258
3% '258 3%
5% •514 6
5% 5%
!

^m%^^J

16

16

.VLfVf

16

15

JL.Vt.'

'85

87

4%

*4%
*iai*

la.'s

3

•a58

5%

•5%

16% •13

16

•46% 47% '46% 47% 4658 4658
107
107 •
107
107 *
252
251 231 ^248 252 •241 231
•5% 6i4i ^5% 6%
•5% 6I4
6
36
36% *35
36% 36
361a •35
•3%
5
4
4
4
4
4
20
20
201a
in 20 19 21
471a

These are the Ui-W* bid and aekedi n> stie made at tlw Board.

Piloes from boUi Kxehauge*.

t

Jan.

4% Feb.

31

1»

7

27

29

Jan. 31
Feb. 8
Jan. 31
Feb. 7

6

27

27

10
24
13
14
27

1

Iiowest price

28
24

Jan. 4
Jan. 23
Jan. 27
Feb. 6
Feb. 1»

87 Jan.
5 Jan.
Jan.
135
10 133 Jan. 4
35
2% Jan. 25 S^Jan.
OUJan.
414 Jan. 31
173
300 15 Jan. 10 20 Jaa
385 4658 Feb. 23 51% Feb.
96 Jan. 17 108% Feb
""25 244% Jan. 10 252 Feb.
6 Feb. 25; 7% Jan.
lOOl
50 35% Feb. l! 39% Feb
400 4 Feb. 26 7% Jan.
410 20 Feb. 25 23i4Jan.
3 to' 85

50

25
23

1

1

5

8614

8

3
22
10

1

19 156
4 116%
Jan. 6 90
Jan. 7,144

BT)b.
""16.151
II314 Jan.

157

Fob.
Jan.
Jan.
Jan.
Feb.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.

10«
48
95
25 101
27 11%
28 193
24^ 89
21 119
21 837eJan.
1

3
9

1

•151

18% Jan. 28

2

2 51%
17 103
2' 97^8
2 153 14

7,590 24 Feb. 21 3214
2658
300 38i4Feb. 261 11%
3814
I714 11,865' 16% Feb. 21 22%
9958 ^,&j.ooo]0O%Feb. 26 108
6158 97,083 50 Jan. 10 6973

28

61% 63%
151 157

Hlcbest

I

63^0

•26I4

1,

Range Since Jan.

Week,

83%
74% 74%
52% 53

22%
60
58%
39% 38%
1021910314 102% 103% 102%
•28
•27% 29
27% 28
73
73 V 73%
737e •72
22>a
5819
3819

JAN.

Shares.

3158
•9
878
0%
878
91a
•71
•71
73
72% •71
72%
21% 2118 2178 22% 22% •2114 2214
II5I2 •113 115
*114%1I514 •113% II514

32% 33
68
68%

•151

Chicago & Alton
Clu. Wash. & Bait.— Trust rec.
Do
pref.— Trust rec.
Columbus & Hocking Coal
Denver & Rio (iranclc, pref

8t.Lou?sArk.&Ttxas..^.':^'Texas * Pnei<l|. r.nnil Trnat

33
92 Is
68

2614 2714
261a 267t.
•38I3 10
381a 381.J
I7I8 17%
1658 I7I4
10412 IO514 10478 1051.,
64% 66I4 64% 66

Pacitlc

ivanRville&Terrc Haute
New York New Hav. & Hart'
Qaioksilver Mining Co.

9iiB
18'b
53I2

•96% 9714

55
51
691a
IOII2 1021a 102
82% 83ie 83

Bugar Keflneries Co ...

!

17%

103

188

& Cattle F. Trust
National Lead Trust....
Pipe Lin? Certilicitesj....

United States
Wells, Fareo & Co
!!"
Iiiaclive Stock*.
Aincrican Telegraph & Cable.

7."-

26=8
327,
6778

37% 37%

Distillers'

American

33

83%

"7414 74%
8316
52% 62%
120
120
1201s

74

AND SINCE

45
41%
461a
4458 4578
44%
•102%
103
•1021a
957g
95% 9614 95% 96
149
150% 15013 •150 151
104%
10178 IO2I2 105 106
-44
•43
•43
46
46
•
92 96 •93
94
4414

43
103

Pacitlc Mail

KxpreKS Stocks.
Adams

•

Friday,
Feb. 28.

H4iell4i6 II414II4I4 113% 114
i07M 10778 107% 108
107% 107%
142% 142% MII2I43
141% 142% •141 143

iiii^ iiiia
3OI4
30^8
20
2018
35^8
33%
«5ia
6578

33%
64%
12% 12%

Feb. 27.

114
115
10758 108 '4
8958

3116
9
•69
21^8

2d pref.

Do

68I4

521a
311a
•9114
671a

135

Ist pref.

l4ake Krle

•721a
6758

"67 is "67 '8
ySia 981^
•20>3 21

.

Do
Do

59 U
38 Is

9008
17'«

31ifl

pref.
St. L...
pref.

CoIumbusHocktnKVal. &Tol.
Delaware Lackawanna diWesl
Deuv. Tex. & Ft. W .assented
East Tennessee Va.

59
381a

50% 52%

171a

P™!.
Paul Mln. & Om..

Cleve. Clnoln. Chlo.

60
38ii

•140

pref.

ChlcaKoRocklsIand&Paclflc.
Chicago St. Louis & Pittsburg.

Do

22->,

721a 7414
6718 68
•11412 116
107 lOT'e

.

Tbnrgday,

33
74
53
121% 1 20 14
33 M
33

38,

Bales
of the

Feb. 26.

531...

221a

FEBRUARY

Wednesday,

335t
7412

101% 103% 102% 104>4
*27% 1:9
291a 291s

Illinois...

pref.

22ii

305

U ex dividend.

J
1

«
4

7
«
27

THE CHRONICLE

806

INACTIVE STOCKS— Quotations
Bid.

I

Ask.

170

Alb'iivitSuiwi. 160
Bell.&Bo.III.pfj 100

B.&N.Y.A.L.pf
Buff. E. dPittf
do.
pref.

20
77
40
4

10
7(i>2

I

Bid.

A8k.

DoH M.&F.D.pf

15

25

Eliz.Ux.&B.S

20
100
100

i

Haok'ii8'k\Vat.t
do.
pref-l

G.BayW.ASt.Pi
Hour. &Tcx. C.I

Burl.C.E.&No.
30
Canieion Coal.
Ill.C.leasedl's.l
3
3Js
Cedar F. &. M.
Iowa Cent
C1.& Pitts.eu.. 153 157
do
pref.'
Con.K.C.8 Bet. 125
Kcok.&DcsM.I
Den. & K. G..
do.
15%! 1«J2
pref.
DesM. &Ft.D.
5
7
Kings. &Feml)'
I

I

I

I

Bid.

i

8
4
6
06 100
10
23
28
3
9
7^' 15
14
18

iiref.

87

iMary'd. Coal..
1M11W.& North.
iMinu. & St. h.

14
50

1

1

(

i

I

do.

pref.
do
Morgan's L.&T
Morris & Essex

BONDS— LATEST PRICES OP ACTITE BONUS AT
Range

BULBOAD AND

N. Y.

eince Jan.

At.Top.&S.Fe.-lOO-y'r 4s,li>80| S3^
100-year income 58..... .1089 5438
AO. & Pac.— W. D. inc., Os, 1910 ]2i2b.
7112
Guar., 48, 1937
Can South.— 1st guar., 58, 1908 lOSifib.
9978
Zd, 58, 1913
<3euual of N. J.— Cous. 7s, 1899. 121 b.
127 b.
Convert. 78.1902
IIIH)
General mort., OS, 1987
Leh.&W.B..con.78,1909,as'nt 11514b.
10i%a.
do. Mortgage, 5s, 1912
Am. Dock & Imp., 5s, 1921 ... 109%a.
Central Pacific— Gold 68, 1898.. 115 b.
-^- »»
10214b,
Land grant (is, 1890
Ches. & Ohio.— Mort. 63,1911..lll0i2b.

Lowest.
8;t3s

i

'

10
28
17

)

155
29
39

i

;

Omaha &

b.

100%

L.— Ist,

St.

4s, 1937..

Oregon Imp. Co.— 1st, 6.3, 1910.
Ore. R. & Nav. Co.— Ist, 68, 1909
Conaol., 53, 1925
Oregon ATranscou'l— 6.3, 1922.

'

1

Penu. Co.— 4%s, coupon, 1921..
Peo. Dec. & Evans.— l3t,6s, 1930
Evansv. Div.— Ist, 6s, 1920...
'

I

!

2d mort.,

5s.

1927

Phlla. & Read.— Gen. 4s, 1958..
l8t pref. income 53, 1958
2dpref. Income 58, 1958

3d pref Income 5a, 1958
& West.— 1st, g., 4s, 1917
.

,

I

Pittsb.

Rich. & All.— 1st, 7s, Drexel cert.
2d mort., 6.3, 1916, Drexel cert.
Rich. & Dan v.— Con., 6s, 1915
Consol. gold, 58, 1936

1

I

.

90%

&

St. Jos.
Gr. Isl.— 1st, 68,1923.!
St. L. Alt.
T.
Ist, 78, 18941111

&

H.—

2d, mort., pref., 78, 1894
|108
St.L. Ark.&Tex.— l3t,63, ex coup. 87
I

,

I

2d,6s,1936

&

St. L.

73,

1

1892. 10114b.
109 b.
1

Cairo & Fulton— 1st, 78, ISOl.JlOlSsb.
CairoArk. &Tex.— 1.8t,7s,1897 106 a.

& land gr., 5s, 1931 90%b.
& San Fr.— 6s, CI. A, 1906 112 b.

Gen. R'y
St. L.

'

.

6s, Class B,
6s, Class C,

1

b.
b.

%

25

1

Mt.— Ist,

Iron

2dmort.,7s, 1897

1906
1906

11214b.
11214b.

General mort., 63, 1931
11014a.
8. P.M. & M.— Dak.Ext., 63, 1910 117%b.
I1I6 b.
Ist con8ol., 63, 1933
Do
reduced to 4%s
100
Collateral trust, 5s, 1898
Montana Ext. 1st, 48, 1937
39
San A.&Arau. P.— lst,g.,6s,1916 87
. .

|

6s 1926
87
Shen. Val.— lst,7s, 1909, Tr. rec. 1 16
General 6s, 1921, Trust rec.
52
So. Car.— Ist, 6s, 1920, ex coup.' 98
Income, 63, 1931
9
So. Pac, Ariz.— 1st, 6s, 1909-10.
80. Pac, Cal.— 1st, 6s, 1905-12.
Ist, gold,

I

. .

.

'

I8t, consol., gold, 5s, 1938
Pac, N.
Ist, 63, 1911 ...

1

M.—
Tenn. C. I. & Ry.—Ten. D., 1st,, 63
So.

'

I

100

b.

'

&

&Kan.C.— l8t,6s,1916 100
63,

a.

1899 ....!ll6%b.

Sinking fund, 8s, 1893
11614b.
Kansas Pacific— l3t, 68, 1895 .110 b.
Ist, 63, 1896
lll]%b.
!

DenverDlv.—68, 1899
Ist con.301., 6s,

1919

'114

b.

I116%b.

Greg. ShortLlne- l8t,68, 1922 113
Or.S.L. &UtahN.— Con.58,1919 94
VirglnlaMid.- Gen. m.,53, 1936 85

1

11778 Feb.
115% Jan.
Feb.
1100% Feb.
89 a. 86% Jau.
88 %a. 85 Jan.
88 a. 85% Jan.
11 3% Jau.
"52 "b. 48 Jan.
09
96 Jan.
7% Jan.
105% Feb.
115 Jan.
101 b. 101% Jan.
107 b. 107 Jan.
101 a. 97 Jan.

98% Jan

b.

90=8 Jan.

37%

Feb.
Jan.
Jan.
Jan.
76 Jan.
90 b. 98 Feb.
116% 115 Jan.
116i8b. II514 Jan.
111% Jan.
110 Jan.
113 Jan.
116% 1114=8 Jan.
113 a. Ill278 Feb.
933eb. 93% Feb.
85% Feb.

105
107
102

I

b.

'!

87i4Feb.
102 Jan.
80 14 Feb.
48 Feb.

do
stamped guar.' 87 b ¥9 "a!
Waba.3h— 1st, gold, 5s, 1939. ...103% 10314
8OI4
81
2d mort., gold, 5s, 1939
Debent. M., series B, 1939... 49 b. 48
105
105
lOm Jan.
West Shore— Guar., 4s
14
West. N. Y. & Pa.— Ist, 5, 1937. 9414b. 94 %b. 9314 Jan.
2dmort.,3g., 5.3C.,1927
29 Jan.
31%
101
100 Feb.
West. Un. Tel.— Col. tr., 53, 1938 101%
Wheel. & Lake E.— 1st. 58. 1926 105 b.
105 Jan.
"9838" 9678 Jan.
Wis. Cent. Co.— l3t, g., 5s, 1937.' 97%
Income, 5s, 1937
5714
57 a. 55% Feb.
I

h

.Tan.

'100

Pac—

Union Pacific— Ist,

13014 Jan.
110% Feb.
125% Jan.
93% Jan.
114 Jan.
132% Jan.
111% Feb,
137% Jan.
108% Jan.
120 Jan.
100% Jan.
112 Jan.
96% Feb.
97% Jan.
115 Jan.
95 14 Feb.
113% Jan.
112=8 Jan.
IO914 Jan.
105 Jan.
106 Jan.
8214 Jan.
114=8 Feb.
108 Jan.
52 Feb.
73% Jan.
101% Jan.
109 Feb.
102 14 Jan.
103% Jau.
10834 Jan.
101 Jan.
101% Jan.
69 Jan.
84% Feb.
65 Feb.
46 Jan.
38 Feb.
80 Feb.
68% Jan.
37 Feb.
115% Jan.

lOOHFeb.

'100
Birin. Div., Ist, 6s, 1917
99%
1st, gold, 5s, 20001 91%
9138
Tex. &
3808
38%
2d, gold, income, 5s, 2000
Tol. A. A. & N. M.— l3t, 6s, 1924' 106%a. 10614a.
Tol. A. A.& Gr. Tr.— Ist, 68, 1921 108 b. 108 b.
Ohio Cent.— 1st, OS, 1935|10J b. IO314
Tol.
Tol.Peo. & West.— l.st, 43, 1917..! 7638b. 77 a.
Tol.St.L.

Lowest.

'

!

1

[

j

9914 Feb.
78 Jau.
71 Feb.
110 Jan.
104% Jan.
110% Jan.
'107% Foa.
86% Feb.
24% Jan.
104 Feb.
'108% Jan.
100% Jan.
102=8 Jan.
88 Jan.
!ll2i4Feb.
'112% Jan.
112% Jan.

R.W.&Ogd.— Con.,ext,5s, 1922ilH%

'

I

other prlods aaJ

1

I

1

!

1

'

th.s ranaca

are fro ru actual aalaj

1,

1890.

elnee Jan. 1.

1106% Jan.
103 14 Jan.

88%

Rich.& W.P.Ter.—Trust 6s, 1897 99%a.
Con. Ist & col. trust, 5s, 1914 80
Rio G. Western— 1st, 4s.... 1939' 71%

1

all

121

North Pac.&Mon.— 1st, 6s, 1938
No. Pac. Ter. Co.— Ist, 68, 1933.
Ohio Ind. & West.— Ist, 53, rec..
Ohio & Miss.— Consol., 78, 1898.
Ohio Soutnern— 1st, 6s, 1921 ...
2d, income, 6s, 1921

I

"a" prloa asked;

10914b.

Consol. 63, 1935
2d oonsol. 6s, 1969

N. Y. Ont. & W.— 1st, 63, 1914.. llSisa.
Consol. 1st, g. 5s, 1939
96%
N. Y. Sua. & W.— istref ., 58, 1937
Midland of N. J.— Ist, 63, 1910 116 b,
Norf. & W.— 100-year 5s. ..1990
North. Pac— Ist, coup., 6s, 1921 115
General, 2d, coup., 1933
General, 3d, coup. 68, 1937 . .

C—

&0—
C—

b.
b.
b.
b.

N. Y. Lack. & W.— Ist, 68, 1921. 132%b
Construction, 58, 1923
UlO b
N.Y. L.E. & W.— lat,con.78,1920 138 b.

]

44ifl

& W.

Range

21 Feb. 28

Na8h.Ch.& Bt.L.— Con. 58, 1928
109
N. Y. Central— Extend., 58, 1893 103%b. 104
N. Y. C. & H.— Ist, cp., 7s, 1 903 I3014 131
Deb'nt're, 5s, coup., '84, 1904 ....... 112
N.Y.& Harlem-l8t,7B,reg., 1900 1 26%
N. Y. Chic. & St. L.— 1st, 4s, 1937 96
N. Y. Elevated- 1st, 78, 1906... II4I4

Long Dock, 78,1893

41
125

71
75
I512 16
UHca&Bl.Riv.i 130 150
4514 47
Va.JUdland...

ToI.Peor.

STOCK KVCHANSE. ANB RANGE SINCE JAN.
Feb.

I

'

Bailboad and Misoel. Bonds,

Feb.

39
110

8t.L.Alt(feT.H.I
do.
pref.j
South Carolina'
40ifl Tol. & O. Cent.
64
do.
pref.
'

Closing.

I

HOTK— The letter "b"indioate8 price 6 W, »ud

6%

Sigfiest.

8412 Jan.
54i58
54 ig Feb
56 Jan.
12 b. 12 Jan.
14 Jan.
7138b. 70 12 Feb.
73% Jan.
109 b. 107 Jan. 110 Feb.
9912b. 97i4Jan. 100
Jau.
120 b. '121 Jan 122 Jau.
127 b. |124i2Jan. 128 Feb.
110% 11014 Jan. 112 Jan.
115 b. 115 Jan. 116 Jan.
104%a 103 Jan. 103 Jan.
'107i2Jan. 110 Feb.
11514b. 112
Jan. 115% Feb.
101% Jan. 102% Jau.
117
II512 Jan. 118 Feb.
'100% lOOis lOOig Feb. 101% Jan.
1st consol. 53, 1939
109 b. 109 b. 110 Jan. 113% Jau.
Ches. O. & So. \V.-6s, 1911
Chic. Burl. & Q.— Con. 7, 1903.. 12638b. 126i2b. 126 Jan. 127 Jan.
104 %a.'
104 Feb. 105 Jan.
Debenture OS, 1913
93 b. 9314b. 92^8 Feb.
95 Jau.
Denver Division, 4s, 1922
94 Feb.
Nebraska Extension 43, 1927. 93 12
927sb. 92
Jan.
Chic. & E. 111.— 1st, 8. f., 68, 1907 llfiifib. 118 a. II6I2 Feb. 118 Jan.
118
1118 Feb. 121% Jan.
Consol. 68,1934
General consol. Ist, 5s, 1937.. 95 a. 94 b, 95 Feb. 100 Jan.
1st, g,5s,1937 93i8b. 93i8b,
Chic. Gas. L. &
90% Jan. 94% Jan.
126
124=8 Jan. 127 Jan.
Chic. Mil. & St. P.— Con. 7s, 1905 I2614
Ist, SonthwestDiv.— 68, 1909 113ii2b. 113 b, '113 '8 Jan. 114% Jan.
Ist, So. Min. Dlv.— 68, 1910 . 114 b.114%
113 Jan. 117 Jan.
105 12 Jan. 108 Feb.
Ist.Ch.&Pac.W.Dlv.- 5s,1921!107ia
Chic. & Mo. Rlv. Div.— 58, 1926 102i2b. 10214b. 102 14 Jan. 1027p Feb.
v.—
1921..
Di
103
Minn.
03,
103
b.
103
Wis. &
b.
Jan. 103% Fell.
'103i2b.'103i8b. ll03i4Jan. 103
Terminal 58,1914
Jan.
15.
Consol.
7s,
19
'142
Chic. &N. W.—
b.'
1142
Feb. 144 Jan.
'126iab.!l26 b. 126I3 Jan. 12778 Jan.
Gold, 7s, 1902
Ill6i4b. 118 a. II512 Jan. 117
Bulking fund Us, 1929
Feb.
Sinking fund OS, 1929
'108%b. IO8I2 IO8I4 Jan. 110% Feb.
debent.
1933
Sinking fund
53,
110%b. llOijib. 109 Jan. llli4Feb.
25-year debenture 53, 1909...'l07iab. IO712 105% Jan. 108% Feb.
Extentlou43, 1926
96 b. 96i2b. 96 Jan.
9978 Feb.
Chlc.Peo.&St.L.— Gld.58,1928 94%
93 b. 9H2 Jan.
95 Feb.
6a,coup.,1917
130 b. 13078b. I2914 Jan. 131 Feb.
Chlc.R.I.&Pac.—
105
Extension & col. 53, 1934
104% 1041a Jan. 10378 Feb.
Ch.St.L.& Pitt.— lst,cou.5s,1932 I0313
100 Jan. 104 Feb.
Chic.8t.P.M.&0.-Con.63,1930 laOiflb Il21»4 12012 Feb. 122% Jan.
Cleve. «fe Canton— Ist, 5s, 1917. 92 b.' 9213
93 Feb.
97 Jan.
!l35 a. 133 Feb. 135 Feb.
C. C. C. & I.— Consol. 7s, 1914.. 133
General consol. 68.1934
119 a.'
II714 Feb. 119 Feb.
Col. Coal & U-on- 1st 63, 1900.. 104% il03i3b. 103% Jan. 108
Jan.
76i2
Col.H.Val. &T0I.— Con. 5s, 1931 78
74 Jan.
79 Jan.
General gold, 68, 1904
76 a. 73 b. 75 Jan.
77 Jan.
Denver A Kio Gr.— Ist, 7», 1900 lisiab. llSiab. 118i2Jan. 119 Feb.
Ist consol. 49, 1936
78 b. 77'6b. 76I2 Jan.
79 Feb.
Det. B. C. & Alp.— l8t.g.,6s, 1913 100 a. 100 a. 100 Jan. 100 Jan.
Det.Mac.&M.— Ld.gr.3i2S,1911' 36 b. 36 b. 36 Jan. 38 Jan.
Dul. 80. Sh.&Atl.—g., 58, 1937.1 9113b.' 93ia
92 Jan.
93% Feb.
E. Tenn. V. & G.— Con., 53, 1936 106i8b.'106i4 IO312 Jan. IO6I4 Feb.
Knoxv.
lst,6s,gold,1925'110
jllO b. 108 13 Jan. illOis Feb.
Eliz. Lex. &BigSau.—Bs, 1902.100
100 a, 100 Feb. ilo4 Jan.
Ist, 6s, 19211103%
Ft. W. <k Denv.
!l03'8
10312 Feb. 105% Jan.
GalH.&SauAnt.—W.Div.lst.iJsl
93 b. 93 14 Feb.
9418 Feb.
GulfCol.&San.Fe— Ist,78,1909:il8i2b
114 Sf. Jan. 120 Feb.
76i8b.' 70 b. 7418 Jan.
Gold, 63, 1923
7714 Feb.
Han. & St. Jos.— Cons. Os, 1911.1120 b. I2OI2 120 Jan. 121 Feb.
Illinois Central— 4s
1932 101 b. lOlijb. 10034 Jan. 101% Jan.
Int. &Gt. No.— 1st, Os, gold, 1919 112
llll
10914 Jan. 112
Jau.
Coupon, 68, 1909
76%b.! 75 b. 7314 Jan.
77 Feb.
lowaCentral— 1st OS, 1938
86 b.' 85 b. 85 Jan. 100 Jan.
Kentucky Cent.— Gold 4, 1987.. 84^4
84 Jan.
80 Jan.
KingsCo.El.— lst,8er.A,5s,1925 104I3 'lOiSab. 104 Jan. 105 Jau.
Laclede Gas— 1st, 38
1919 84%
86 a. 83 Jan.
87 Jan.
L. Erie & West.— Ist, g., 5s, 1937 110 b. IIII4
110 Feb. 112 Feb.
LakeShore.-Con.cp.,lst,78,1900 12512b
124 Jan. 126 Jan.
Consol. coup., 2d, 7s, 1903
'124i2b. 124 b. 123% Jan. 125
Jan.
Long Island— Ist, con., 5s, 1931ill5%a. Ill b. 116 Jan. II714 Jan.
Generalmort., 4s, 1938
97 b. 98
9712 Jan.
99 Jan.
Louisv. & Nashv.— Con., 7s, 1898' 118i2b. 118i2b. 115 Jan. 119 Jan.
N. O. & Mob.— 1st, 6s, 1930. . . 116 b. 118
I1514 Jan. 118 Feb.
do.
2d, 6s, 1930
109 b. 109 b. 106 Jan. 110% Feb.
E. H. & N.— 1st, 6s, 1919
114 b. 114 b. 113 Jan. II414 Feb.
General, 6s, 1930
11514b. 115 b. 113
Jan. 113% Feb.
Trust Bonds, 6s, 1922...
11114b. 11138b. IO912 Jan. 11138 Feb.
50-year 5s, 1937
1109 b. 105 12 Jan. 106 Jan.
Collat. trust 5s, 1931
108 a.'107i2a. 104% Jan. 110 Feb.
Louis. N. A. &Ch.— Ist, 6s, 1910 117 b.'117 b. II412 Jan. 119
Feb.
Oonsol., gold, 63,1916
IO314
103 b. 103 Jan. 105 Jan.
Louis. South., 1st g. 6s. .1917 99 b.llOl
101 Feb. 104% Jan.
Loui8.St.L.& Tex.,lat g.6s. 1 91
98
97 %b. 9714 Feb. 101 Jan.
Metro. Elevated— 1st, 63, 1908.. II314 113
112 Jan. 113% Feb.
2d, 68, 1899
106 19 10512b. 10578 Feb. 108% Jan.
Mich. Cent.— l8t, con., 7s, 1902. 127 m 128
126 Jan. 128 Jan.
Consol., 5s, 1902
111 Jan. 111 Jan.
Mil. Lake Sh. & W.— Ist, 6s, 1921 121iS8b. 12112b. 121
Feb. I2314 Jan.
Conv. debenture, 53, 1907
102 b.
101% Jan. 104% Jan.
Exten. &Imp. 8.f.,53, 1929... 102 b 102 14a. 101 Jan. I0514 Jan.
Mllw. & North.— M. L., 6s, 1910 110%b.!llH2a. llOVi Feb. 111% Feb.
Ist, Con.. 6s, 1913
10914
10912b. 108^ Feb. 109% Feb.
Mo.K.&T.— Coii.,68,1920, tr.rec. "512
74 a. 7212 Jan.
7534 Feb.
Consol., 5s, 1920, trust rec
63 b. 6II2 Jan
66 Feb.
Con., 7», 1904-5-6
113% II314 110% Jan. 114 Feb
Mo. Pacific- 1st, con., 68, 1920. 110
110 b. 10938 Jan. 111 Jan.
3d, 78, 1906
11512b, 11514b. 114i2Jan. 115
Jan.
Pac. of Mo.— Ist, ext., 4s, 1938 98%b.l 9914a. 98% Jan. 101% Jan.
2d mort.,7s,>1891
10212b.' 1021.2b. 10114 Jan
102% Feb.
Mobile & Ohio— New, 68. 1927.. llOifib, II6I2 115% Jan. 116% Feb.
General mort., 43, 1938
64 b. 63 b. 5714 Jan.
65% Jan.
Mutual Uu. Tel.— S. f., 6s, 1911.
101 Jan. 102i4Feb.
Nash. Ch. & St. L.— Ist, 78, 1913 133
132 b. 13214 Jan. 133 Jan.
83^2

15

24
6
15
15
39
I'h.Nat.GasCo.
64
Pitts. Ft. W.&C 154
25
Pitts. &W.tr.re
Pitts. <feW. pref
37

Ask.

Bid.

Renns. &Sara. 175 185
Rich.&AU.tr.r.
23
21
Rio Or. West..
15>fl 17
do
pref.
40% 42

251

N.Y.&Nor.iJf.
Ohio Ind.&W'n
do
prof.
Ohio Southern.
Ontario Silver

15
91
10
55

1.

MtSCEL. BONUS.
Feb. ^1 Feb. 28;

Bid. {Ask.

I

5>2
'

Indicates actual sales.)

I

15% N.Y.& Harlem 250
N.Y.Laok.&W
60
N.Y.N. H.&H. 247

15
65
pref. 108
do.
Man. Beach...
Mar.H.& Out'n 10

....'..I

(*

Ask.

I

Laclede Ga«...
23>2 Malion'gC. H'y

6

Closing.

continued.

[Vol. L.

Bigheil.

109
104
131 14
112

Jan.
Jan.
Feb.
Feb.
12779 Jan.
97 Jan.
115 Jan.
134% Feb.
111% Feb.
139% Jan.
110 Feb.
122% Jan.
102% Jan.
113% Feb.
98 Jan.
99 Jau.
118 Feb.
96 Feb.

115i4Feb.

114% Feb.
111

Jan.
Feb.
Feb.
84% Feb.
1 15
Jan.
10978 Jan.
55 Jan.
76% Jan.
104 Jan.
113 Jan.
104 Feb.
IO6I4 Feb.
109% Feb.
104 Feb.
106 Feb.

108%

109

72% Jan
87

Jan

80% Jan.
54% Jan.
49

82%
70%
40

Jan.
Jan.
Feb.
Jan.
Jan.

117
91i4Feb.
103 Jan.

SmFeb.

73

Jan.
Feb.
Feb.
111
Feb.
111 Jan.
91 Jan.
29 Jan.
108 Jan.
IO914 Feb.
101% Feb.
105 Jan.
91% Feb.
113 Jan.
II314 Jan.
1 13
Jan.
112 Jau.
118% Jan.
120 Jan.
102% Feb.
101% Jan.
89% Jan.
87% Feb.
89 Feb.
116 Jan.
53 Feb.
99 Feb.
9 Jan.
107 Jan.
115 Jan.
102 7e Feb.
107% Jan.
104% Jan.
103% Jan.
92 7e Feb.
4078 Feb.
107% Jan.
110% Jan.
103% Feb.
77 Feb.
101 Jan.
116% Feb.
116% Feb.
112 Jan.
1 12
Feb.
113% Jan.
1 17
Feb.

112
106

116i4Jan.
9514 Jan.
87% Feb.
88% Jan.
103% Jan.
86% Jan.
53 Jan.
105% Feb.
93% Feb.
33% Feb.
102% Jan.
105% Jan.
99 Jan.
69 Jan.

Mabch

THE CHKONICLR

1890.]

1,

307

BONDS-STOCK EXCHANGE QUOTATIONS ON FRIDAY OF THE LESS ACTIVE RAILROAD BONDS
SECUBITtES.

SECURITIES.

Ask.

Bid.

Railroad Bonds.
\

Atl.

& Pac— ad W.

Bait.

Ist pxt.. gold,

& Ohio— Ist, 6s, Park

B.I019I 121'4

1925 107
1988i 109
Beech Creek— 1st, gold, 4s.... 1936 88
Bost. H. Tun. & wT- Del). 5a. 1913
Brooklyn Elev.— Ist, g., 0s...l924<
6s, Kold

Cons, mort,

(fold,

."58

2d, 3.5s

1915)

Union El., Ist, Kuar., 68
1937 167
& Pitts.— Gen., 58.1937 98
Koch. & Pitts.- l8t, 6s
1921
do
Consolidafdlst. 6.1. 1922 116
98
Burl Ced. Rap. & Ko.— Ist. 5s.l906
'

&

collat. trust, 5s. ..1934
Minn.
St. L.— Ist, 7s, gii..l927
Iowa C. West.- 1st, 78. . . .1909
Ced. Rap. I. F.
N., Ist, 68.1920
1st, 5s
1921
Central Ohio Keor.— 1st, 4J2S.1930
Cent. RR. & Bank.— Col.B.,5s. 1937

&

&

&

Sav.&WosL- Istcon. K.,58,.1929
Cent, of N. J.— Conv. deb., 6s.l90S
Central Paciflc— Gold bds.,68.1895:
Gold bonds, 6s
1890
Gold bonds, 68
1897
Ban Joaquin Br., 68
1900

90

100

90
90
100

96
12018

nils

1121s
II3I3
112ie
Cal. &OrcKon— Ser.B.6s...l892 100
Mort. gold 5s
1939 10315
Weat. Pacific—Bonds, 68. .1899 1121i!
No. Railway (Cal.)— 1st, 68.1907
Ches. & O.—Pur. M. fund, 6a.l898i 113
68, gold, scries A
1908 118
Ches. O. <t 80. West.- 2d, 6s. .1911
Chicago* Alton— Ist, 7»
1893 lOSTg
Sinking fund, 6s
1903 121
Louis. & Mo. Kivcr— l8t, 78.1900 118
„2d, 7s
1900 118
Bt. L. Jacks. & Chic— lst,7s. 1894 111%
. .

1894 '112
1898
1898 118

Ist, guar. (564), 7s

2d mort.

(360), 78
2d, guar. (188), 7a

Misa.R. Bridge— l8t,

s. f.,

6S.1912 '1061a

Chic. Burl. & Nor.— Dob. 68... 1896
Chic. Burling. & Q.— 5s, a. f.. 1901
Iowa DiT.—Sink, fund, 5s. .1919

Sinking fund, 48

1919
1921

1938* 88>s
Eq.&lnip.,g.,5s
Mobile & Blrm.— iHt, g.,6B..1937|'
92
122
Alabama Ccntr.'vl— Ist 6e... 1918 *114
Erie— 1st, extended, 7»
1897, lid 121
2d, extended, .58
1919 118 119
91
3d, extended, 41.2s
1923 HI 111%
102 14
4th, extended, 5a
1920 115
1121s
5th, extended, 4s
1928 103 idaii
1st, eons., fd. coup., 78.
140
1920
i0738
Keorg., l8t lien, (is
1908 ids
B. N. Y. & E.— Ist, 7s
1916 1391s
N. Y. L. E. * W.— Col. tr.,68.1922 105
118
Funded coup., 5a
1969
88%
Income, 6s
1977
Buff'. & S. W.— Moitg. 6a. ...1908
Jefferson- 1st, gu. g. 5s
105>9
1909 '
Eureka Springs R'y— l8t,6s.g.l933
Evan. & t. H.— 1st, cons., 68.1921 ''118
Mt. Vernon— Ist^ia
1923
116
Evans. & Indian.— 1st, cons. .1926
112%
100
Flint&P.Marq.— Mort., 68.. .1920 121 122
1st con. gold, 5s
981a
1939 IO314 105
Fla. Cen. &Pcu.— Istg. 58.. ..1918
Gal. Har. * San Ant.— Ist, 68.1910 102
98
2d mort., 7s
1905
West. Div., 2d 6s
1931
Ga. 80. & Fla.— Ist, g,68
1927 95
991s
93
Grand Bap. <fc Ind.— Gen. 6s.. 1924 93
83
Green B. W.& St. P.-lst 68. .1911
20
2d income, l8t subs, paid
Housatonic— Cons, gold 5s. .1937 107 1071s
N. Haven & Derby, Cons. 5s..l918
1151s
120
Hous.&Tex.C- 1st. m. 1. 78.Tr.reo. 110 112
West Div. 73,Trust roceipt8.1891 "111
109
1901 105
1st Waco & Nor.- 78
123
2d m.Ss.M. 1. Trust receipts. 1913 120 1221s
78
Gen. mort.6.i,Truat receipts. 1925 * 75
119
IO714
minois Central— Ist, g., 48 ...1951
112%
3is3
let, gold,
1951
91
Sprlngf. Div.— Coui>., 68....1898 -112
Sllddle Div.— Reg., 5s
1921 115
C. St. L. &N. O.-Ten.L, 78.1897 *117
1st, consol., 78
1897 II8I4 119
"

Buft. Koch.

Consol.

00

1937,

.58

1907*117

10738 ^07%
'»97%

flold, 58,

II5I4
9714

1951

coupon

Memp Div., Istg. 48
1951
Dub. & 8. C— 2d Div., 78 ...1894

98

108

Ced. Falls & Minn.— lat, 7s. .1907
70
Ind.BIoom.&W.— 1st. pref. 78.1900 117
Ind. D. & Spr.— Ist 7s, ox. op. 1906 lOOM
l8t,8s, P. D
1947
1898 12438 124% Ind. Dec. & West.- JI. 58
2d, 7 3-108, P. D
2d M., Inc. 5s
1948
1898 115 118
1st, 78, $g.,R. D
Kan. C.Wyan.&N.W.— Ist, 58.1938
1902 133
Ist, Lacrosse Division, 78.1893 llOis 112
L. 8h. & M. 80.— C. P. &A.—78.1892 109
1st, L& M., 78
Buff. & Er.— New bonda, 78.1898 121is
1897 116 116%
Ist, L& D.,78
Dot. M. &T.-l8t, 73
1906 130
1899 118 121
lat, C. & M., 78
Lake Shore— Div. bonds, 7s. 1899 123
1903 125
Ist, I. & D. Extension, 78.
I25I2
Mahon'g
Coal
KR.—
Ist,
5s.
1934
1908
l8t, La C. & Dar., 5s
Litchf. Car.& West.— Ist 68. g. 1916
1919 100
1st, H. <fe D.,78
Long Island— Ist, 78
1910 12234 124
1898 120
lat, H. A D., 58
103 'e
N. Y. & K'way B.— Ist, g. 58.1927
1910
97

Plain, 4s
Chic. & Indiana

Coal— Ist 58.1936
Chicago Milwaukee & St. Paul—

92
95

. .

Chicago & Paciflc Div., 68. .1910
Mineral Point Div. 5s..
.1910
C. &L. Sup. Div., 58
1921
Fargo & South., 6s, A8su...l924
Inc. conv. sink, fund, 5s
1916

'IOII3

South., 5s. ...1916

100%

1989

951s

Dakota &Gt.

Gen. mort. e. 48, ser. A
Chicago & Northwestern—

2dmortg., inc

116
103
95

104
96'

1901 113i«
1907
1900 128
Pcniusular-l8t, conv., 7s.. 1898i 121
Chic. <k Milwaukee- Ist, 78.18981 11916
& St. P.— 2d, 7s
1 907
135
Mil. & Mad.— l.st, 6s
1905' 116
Ott. C. F. & .St. P. -Ist, 53.. 19091 11014 nils
>orthern III.— Ist, 5a
1910 110 llOisI

f., 78.19051
2d, gold, 412S
19371
Cin. I. St. L.& Chlc.-l8t,g.,48.1936
Consol., 6a
19"0t
Mac.-i8t,'"g.','5s;i930
S'l;-;?''?'^- *
C-^-C. &8t. L., Cairo div.-49, 1939!
Cl.Col. Cin. & Ind.— 1st, 7a,s.f.l899
Consol. sink, fund, 78
1914
CTeve. & Mah. V.— Gold, 5s... 1938
Colorado Midland— lat, g., 68.19361
Columbia& Green.- lst,63.. 1916
2d, 68
1926

.

.

i

.

1927

Equipment, 58
19081
A Lake Ch.— 1st con. 68.. 1920, 103 19.
Ohiotnd.&West.- 1st pref.5H,19:tH, 83isi 85
Reorgan. ri:C.,2d, 58
193H
52ial.
Ohio & Miss.— Cons., 8.F., 78. 1 H9S 114% 115
2d consol. 78
1911 120
Ogd.

i

.

,

Div.— l8t 78

Springfleld

General 5s
Ohio River RE.— Ist, 58
General mort., gold, 5s
Ohio 801— Gea. m., g., 48

1932
19361 100

1937
1921
6s. 1927

00

Pitts.C. <t St.L.— 1st, cp., 78. 1000
Pitta. Ft. W. <t C.-l8t, 78... 1912

116

Oregon & CaUfomla— lat,
Pennsylvania RR.—
i

19051 11238

04lfl

2d, 78
I'iSTg
1012
3d, 78
1012
146
Clev. & P.—Cons., 8. fd., 78.1900 128
4th, sink, fund, 68
1892 103<>8;i04\
St.L. V. &T. H.— l8t, gu., 78.1897 113»all4>9
2d, 7s
1808
2d, guar., 78
1898 109
!Peoria & Pek. Ulon— lat, 68 ..1921
2d mortg., 41S8
1921
65
70
Phila. & Read.— 3d pref. convert
38
Pine Creek Railway— 63
1932
(Pitts. Clevc. & Tol.— Ist, 6s... 1922
jPltts. Junction— 1st 6s
1922 '110
1

no

I

&Y.—

Pitts. Mc.K.
I3t6s
1932
Pitts. Painsv.
J'.— 1st, 5s... 191
Pitts. Y.
Ash.—Consol. 5s. .1927
Presc't
Ariz. Cent, lat, 63,g.l910

&

116

&

&

08

2d income, 6a
1916
& Dan v.— Debenture 68.1927 103

Rich.

Equip. M.
Atl.

8. f., g..

1909

58

& Char.—1st, pref., 7s.

.

)

8014

8971

Income, 68
19001
Rome Wat. & Og.—l8t M.. 78.189ll 1041a' 106
St. Jos. <fe (Jr. Is.- 2d inc
19251
33
Kan. C. & Omaha^lst, 5s.. 1927' 82
86
75
St. Louis Alton & Terre Haute—
104
120
2d mort.. Income, 78
1894
Dividend bonds
.1894 * 55
58>a
Bellev. & 80. 111.— 1st, 8s. ..1896 117
30
1923' 105
Bellev. & Car.— Ist, 6s
Chi.St.L.&Pad.— Ist.gd.g.Ss 1917 101
110
St. Louis So.— Ist, gd. g 48.1931
83
86
do
2d income, 5s. 1931; 40
Car. AShawt.- l8tg.48....1932i
82
si"'
1251s St. Louts & Chic— 1st, con. 6s.l927i
St. L. &I. M.— Ark. Br., 1st, 7s. 1895 107 13
'98"
St. Louis & San FranciscoEquipment, 7s
1895 101 la
General 5s
1931
102
do.

|

[

31

Ist, trust, gold, 58
1987
8.— 1st, 6s, g. ..1916
Ft. S. &V. B.Bg.— 1st, 68...I9IO1

Kan. City

4

00

08

St.L.K.&So.Wn.— Ist,6s...l916
Kansas Mid'd.— 1st,

g.

43. ..19371 ....

Paul & Duluth— lat, 5a... .19311 109
19171 104is 106
2d mortgage 5s
St. Paul Jfinn & M.-lst, 7s. .1909'
113%
2dmort.,6a
1909;
2d, 3s
1980 65
Miuueap. Union- Ist, 68
1922,
Nashv. & Decatur— 1st, 78. .1900 118ia 120
Mont, (ifen.- Ist, guar., 63. .1937 -11418 116
8. & N. Ala.— S. f., 6s
1910
East. Miuu.,l8t div. 1st 53.1908; 101 14!
10-40, gold, 6s
1924 107
San Fran. & N. P.— 1st, g...58.1919! 99 101
Pens. & At.- 1st, 6a, gold. .1921 107
jShenandoah Valley— Inc., 68.1923, 15
25
1936 '109 110 iSodus Bay <t 80.— 1st, 5s, g...l924 •
So. AN Ala.— >,'on. Ss
Nash. Flor. & 8. l.st gu. 58.,1937
193l|
65
1021s ISouth Carolina -2d, 68
Lou. N. O. & Tex.— Ist, l8
1034
90
ISo. Pac. Coast- 1st, guar., 4s. 1 937
2d mort., 5s
1934 40
ITexas Centriil— 1st, 3. f., 78. .1909 * 40
Memphis <fe Charl.— 68, gold.. 1924
1911,
Ist mortgage, 7s
52
Mexican National— 1st, g., 68.1927 ' 97
ITexas & New Orleans— lst,78. 1905]
1917* 55
2d, income, 6s, "A"
5718
Sabine Division, 1st, 6s
1912 105
1917 * 15
2d, Income, Os, "B"
18 ITex. A Pac. E. Div.— 1st, 6s. 1905'
1909
Michigan Central- 6s
124 (Third Avenue (N.Y).— 1st 5s, 19371*112 H3H
Coupon, 5s
1931 1161s
1917; 106'a 107
Tol. A.A.&Cad.—6s
1940 100
Tol. A. A. A Mt. PI.—68
1919
Mortgage 4s
Union Paciflc— Ist, 6s
1896 112is!
Jack. Lan. & Sag.- 68
1891 1031s
1897; 113%
Mll.L.S.&W.-.Miih.Div.lst,6e.l924
ist, 6s
117
1898' 1151a
1st, 6s
Ashland Division— 1st, 68 ..1925 iisia
1908! 107ia ......
Collateral Trust, 6s
Incomes
1041a
Collateral Trust, 68
1907
78
Minneapolis & St. Louis.—
Ollateral Trust, 41*8
1909
19181 8713I 90
lowaExten., Ist, 7s
90
C.Br. U. P.— F. c, 78
18961
1927 105
Ist, g. 78
1891 * 52
Atch. Col. A Pac— Ist, 6s.. .1905;*
96it
2dmortg., 78
Ateh. J. Co. A W.— Ist, 68...1905
1910
Southwest Ext.— 1st, 78
76
05
1921 * 58
U. P. Lin. A Col.— l8t,g.,5s. 1918 102 103
Paciflc Ext.— 1st, 6s
Utah Southern- Gen., 7a ..1909
1922
Impr. & equipment. 6s.
Exten., l8t, 73
Minn. & Pac— 1st mortg., 68.1936
1909i 112%
Utah A North.— Ist, 7s
19081 112
Mlnn.S.Ste.M. A-Atl.— l8t.58.1926
Gold,58
1026; 100
101
Missouri Paciflc— Trust 5s... 1917
ext.,
Valley
R'y
Co.
of
O.—
Con.
68.1921!
Ohio—
Ist
68...
'US
Mobile &
1927
107 107
Wabaah- Deb. M., scries ".V". 1939
7314
1st pref. debentures
St.L.K.C.AN.— R.E.ARR.7s.l895*112%
45
2d pref. debentures
1 908
St. Charles Br'ge— lst,6s.
112
1931
80
St. L. & Cairo—4s, guar
"116
1895 115
T.—
1st,
No.
Missouri— Ist, 78
Morgan's La. &
68.. ..1920
1st, 78
West. Va. C. A Pitts.— 1st, 68.1911 108
1918 127
iraiKcellaneouB Bondii.
Nash. Chat. & St. L.— 2d, 68.. 1901
113
1907
109
New Orleans & Gulf— Ist, 6s .1926
Am. Water W. Co.— 1st 63.
I.,
1907
N. O. &. No. E.— Pr.
Ist con., gold, 5s
g., 68.. 1915
O3I9
N. J. Junction—Guar. Ist, 48.1986 "
1031a Boston Un. Gas— Tr. cer. 58.. 1939
N. Y. N. H. &n.— 1st, reg. 48.1903
Cahaba Coal Min.— 1st g. 7s. .1907 110
N. Y. & Northern— lat, g.. 58.1927 111
11216 Col. A Hock. Coal AI.—63,g.. 19171 96
Consol'n Coal—Convert. 63.. .1897 103
2d, 43
1927 5314 55
19051
Equitable G. A F.— Ist 63
N. Y. Susq. & West.—Deb. 68.1897
1937* 75
Hackensack Water— 1st. 5s. .1926 104
2d, 412S
Norf.!& W. Clinch Val.— 58...1957
Henderson Bridge— 1st g. 68.1931 111%
1901
80
Nortti'n Paciflc— Divid'dscrip ext. 1()6
Iron Steamboat (Jo.—(>s
iNorthwestern Telegraph— 78, 1904' 102%
James River Val.— 1st, 68.. .1936
1st
g.68,1904
Gas
Coke
/
Spokane <fc Pal.— 1st, 63
People's
A
1936 106is
J2dg.6s,1904i
St. Paul & N. P.— Gen., 68. .1923 *118
Co., Chicago
|120
HelenaARedM'n— lst,g.,6s.l937 100=8 103 Philadelphia Co.— l3t s. f. 68.1898
DuluthAMaiiitoba--l8t,g.e
107 ''West. Tel.. Union— 7s.. 1875-1900
[.681936
St.

.

|

Win.

Cm Ham. & D.— Con. s.

loaii
109
107 109
Cent. WaHhlngton— l8t,g.,68.] 93H lOSHl
Norfolk & West.— General, 68.1931 120
New River, Ist, 6a
1932 11014 118
Imp. & Kxt., 68
19341 108i«.
Adiustmcnt M., 78
1924 Ill

—

N. Y. cfeM. Beach— 1st, 78.. 1897
N. Y. B. &M. B.— 1st, g., 58.1935
Brooklyn & Mont.— Ist, 63.. 1911
1st 5s
1911
Sraitfitowu&Pt. Jeir.— i'st.Ts 1901 i 12 % 121
Louis. &Na8h.—Cecil. Br, 78.1907 108
llOis
Fensacola Dl\ision, 68
1920 110% III14
St. Louis Division, lat, 6s.. .1921 *120

1021s

Esc. &L. 8.— Ist, 68
Dcs M. & Minn.- lst,78
Iowa Midland— Ist, 8s

Chicago Rock l.xland & Paciflc—
Des Moines & Ft. D.— Ist, 4s.l905
l8t,2i2S
1905
Extension, 4s
1905'
Keokuk & Des M.-lst, 58.. 19231
Ch c. & St LouLs-lst, 68
I915I
Cblc. St. P. & Kan. City-5a..l936'
Mmn. ^N. W.-lat, g., 5s. .1931
Chle. St. P. & Minn.-l8t,6s...l918:
St. Paul & 8. C.-lst, 6s
1919
Chic. & Vf. Ind.— 1st, s. f., 6s.l919i
General mortgage, 6s
1932

Dul.&Man.Dak.Dlv.- l8t«8.1937
Cieurd'Alcu. 1st, 6h, gold. 1916
CVeur d' A leuc.gen. 1 8l, g.,63 1 938

. .

2d, 63

Bid.

Northern Paciflc— (Continued)—

98% 101

I).,gii.6h,.l»07:

BECUBITISS.

Aak.i:

& Ga.— (Continued)—

E. Tenn. Va.

(Stock Ejrcfian^e Prices,
Atlantic & Daiiv.— ist (?., 68..ini7i

Bid

"

.

1

.

82
53
82
103

I

56

I

1

123is'125is

125%

124
113
1181s

125
971s 100

'

'

"76"
120
121

122

I

1051a

100
80
Col. & an. Midland— lat, 68.1914
91 14
Del. Lack. & W.— Convert. 7s,1892; 106
1071s
Mortgage 78
1907: 134
139
Byra. Biug. & N. Y.— Ist, 78.1906' 1321s 135
Morris & Essex— Ist, 78
1914 1441s
2d, 7a
1891 104 14 i04%
Bonds, 7s
1900 120
780f 1871
1901
Ist, con., guar., 78
143
1915| 141
Del. & Hud. Canal— 1st, 78. ..1891 102^10318
Ist, extension, 7a
1891 1071s
Coupon, 78
1894 114% 115
Pa. Div., coup., 7s
1917 145
Albany & Susq.- 1st, gu.,78.1906
134
l8t, cons., guar., 68
1906 123% 1251s
Reus. & Sar.— 1st. coup., 7s.l92] 148
14912
Denv. & K. G.— Imp.. g., 53... 1928
82I2
DnL & Iron Kange— Ist, 58. ..1937 100% 101 14
E. Teiin. Va. & Oa.-lst, 78... 1900 119
119%
Dlvialonai 58
1930
*No price Friday; thesejare the latest quotations made
I

1

1

. .

. . .

1

:

'

this

week.

—

i

I,

'

THE CHRONICLE.

308

[Vou

ABSTRACT FROM REPORTS OF THE NATIONAL BANK3 MADE TO THE COMPTROLLER DECEMBER 11,
Deponts.

&
^ BosUm

""

Rbode Island

^ Oonnectl<'Ut.
1.550.000
34.446,(60
13.993.350
23,G0S,000
io,soo.oro
34.398.830
1«7.496,240

.Pittsburg
ff Penua., other.
I Total Dlv.No.2

b2,020,8»7

Washington...

BDlst.

^

3.948,600
1,086.393
686,000
60,000
1,660.219

Col., oth.

VIrjfinIa
West VirjTinla.

477,9;i6

25,Oi«,715

I TotalDlv.No.S

8,819,294!

G«or0a
Florida
S

Alabama

Mississippi
J
J New Orleans..
«; Ix>ulsiana,oth.

3,157,925

g Texas

237,000

Arkansas
g Louisville

1,059,8'^0

.. ..

Kentucky, oth.
I

Teniie,«see

393

1 Total DlT.No.4

37,301,716

2,394,492
1,731,803
14,la6,958

2,143,000
1,130,000
6.222,479
3,810,417

f Canclnnatl..

i Cleveland

a
3
g
E

...

Ohio, other

..

Indiana

5.956.00'J

Chipasro
Illinois,

4,842,930
557,000
2,610,932
450,000
1,462,834

other

Detroit
MicblK'n.other
• Milwauiiee
p Wlseonsln.oth,
L Total Div.No.5
•

8,250.000
3,3.5.235
13.223.430
3,500.000
7,721.878
3,925,000
70.300.543

2 Missouri, oth'i
• Kansas
S Oiuaha
P Nebraska, olh.
IKo.&So.Dak'ta
Total Div.No.6
f

Nevada

282.000
2,500,000

£ San Francisco,
a Calltorula,oth,
S Ore.eon
2 Washington...
I

Total Dlv.No.7

C Idaho
^ Montana

I Total BlT.No.S

96

2,280
2,920
29,350

110,000
519,672
321.437
832.6
1.561,674
452,440

24,459,923
406.627
17.993.028
696.745
69,425,510 2,488.757
31,241,782 1,751.675
70,661,534 10,268,414
40,544.800 1,739.680
15.271,348
925,(155
30,803,247 1.172,593
4,534,104
609,235
16,786,166
829.564
311,721,444 20.''58.375

342,613

8H1.005

201,142
963,34'

1,194,519

17,539,511,'

69i",937

9,158,771
11,140,083

969,46 s

12,433,661

3,297,063

37,304.816

20,000
1,438,895
96,000
517,000
226,400
427,500
240,000
2,»95,;95

166,522

267,92 4
2,445,684

138,474.113

1.271 10,192,847

540,247

22,284,21'9

5,673,6S)0

699.017
83,524
442,702
150,877

9r0,.^00

975,000
1,400,000
1,175,000
11,655,000

5.208,130
9,157,672
2.801,595
7.S76.544
2,808,734
14,180.524
1,502,6; 6
32,531,639
3,506,940
11,182,576
20,075,759

10,447,128
23,988,321
4,767,063

3,690.480
14.887.880

103,00<

2,71.1,000

621,962
156,172
206,752
230,441

155.445
108.322
204.691
41.876
183.956
45,890
166,425
50,508
546.820
23.460
232,702
413.675

1.494.195

237.999
3,242.778
13,551,435
7,816,944

.

% Kew Mexlce
MVta.h
2 Wyoming...

5.857,05'J

550,46:

6.791.5"

500,000

4.840,000
450,000

2,28(t,540

110,(;00

1,187,.^03

1,253.516

100,(jOO

1.936.394

448,673

35,950,0i,0

5,>-25,400
2..^90.000

i Arizona..
•* Colorado.

4.805.356
66,599,974

202 ,394

2,44i,315

7,321.327
1,559,930
3.533.773
668,465.853 32,420,569

6,110,4.16

30.084.279
54,737,043

122,076,970

5,2(10,000

12,85-',701

14,730
1,425,680
49,910
675,070
70,000
32,t90
12,140

1,227,635

lv,5o6,6.;o

14.420,000

"Mlnneeota .
SSt. I^nis ...
St.Jo.&Kan.C.

47,232.700
306,500
915,170
267,610
1,020,060
905,200
345.840
50,993,080

108.162
859.924
298,546
124.831
100,214
242,303

3,70 J,7; 6

20.867,395
27,963,264
8,716.047
13,973.397
5,a26,912

3,110,458

-5.522,782

19,041,7j1
14,008,155

2,888.070
2,667.323
840,000
962.500
607,316
1,866.436
476.500
1.286.857
911.568

10,1)85,01)0

flowa

319,823

8,365,;
.384
10G,487,';?2G

983,5105

47,550,49,S

2o6,-.:l

284,59ii,(
,0;8 15,585.6:^3

\Leg.teud'r$

eerlific'tei

of deposit.

45,234
21.736
11,691
947,616
272,573
89,206
221,722

272,953
174.344
234.575
4.980,729

9

3'i

8.25.3

4,338,668

507 ,028
27 S-iO
603 ,023
293 ,7bO
548, ,254
189 ,475
805: ,241

2,974.161

63,372
129,916
106,043
32,89'<

2,490
136,149
34,049
504,917

73,128
79.337
117,074
52.300
114.324
78,571
144,057
35,684
440.152
37,994
63,526
108,851
210.588
1.351..'i86

275,010
2,824,000

216,260
42,410
41,380
150,000
10,210
4,239.570

234,706
281,674
22,650
179,477
6^,827
221,856
91,169
90,684
62,114

6d,64(>

37,260
421,000
300,220
8,960
19,790
13,000
11,930
23,760
903,560

688,007
3,'>00

21,840,78-.;

1,102,976

1,216,177
10,533,883
2,257,317
4,198,136
2.016,422

69,477
161,783
148,782
175,964

42,230.V,-39

1,658,982

40,800
2,940
24,080
71,380
12,800
1,824.963
179.243
636.243
191,197
521,783

194,774
18,231,638
050,081
11,582,761
2,106,795
3,928.616
2,488,540
39,483.205

500

438.000
3.401,802
2.178,309
6,442.840
2.155.866
3.619.831
5.635.309 37,160.309
7,

385, 049
382, 108
993, 110
159, 275
347, 800

50,013
411.117
58.096
213.029
13,497
88,603
14,349
848,706

157,977
1,373,727

283,295
807.520
87,690
917.167
337,490
3.966.866
308,180
569.291
677,561
192.880
460,324
240.416

5,615
24,326
122,016

800
58,175
17,367
370,100
58,422
291.997
27,070
21,100
48.544
78.703
1.127,235

1,203 083

66.240
2,980,781

70.576
798.375
.^47,746

834,261
8,949,694

53,0-4! 17177.173
10(^,157

183,000
143.954
23,930
124,499
10.009
43,927
16.469
706,969

4,,^0o

120

24.020
209,099
80.069
131.263
419.256

8,OoO
24.^34
27.395

16,907
83,351
36,379
34.777
19,103
333.083

500
84,460
1,420
145,800

3,630,518

3,360, ,321 18,903,611

1.232.174
1.655.879
1,376.417
340.987
1.135.619
876.976
375.792
470,877
8.B6l,394

1,459
6.071
170,507
99,01«
170,667
447.722

_26^0S
87.257

839
141,705

21,360
3,600
34,460

27l>,'<8J

729,632
920,241
9,188,803

101,200 3,557,314
15,000 1,231,000
62,264 3,138,091
98,739 2,0X1,330
582,741 8,335,700
84,644 1,871,864
68,629
960,453
49,078
946,064
9,969
512,573
119,'<38
25.660
574.464
1. 097,92 1 23.21 8.858

103,f>00

5,157.067
14,573,658
9,326,843
11,944,400
41.689,977

1.876.329

101,301
69,099
459,363
331.032
364.809
371.659
106.034
220,291
25.622

286,500
290,000

1.0OO.512
2,417,951
661,175
1,063.114
246.823
800,109
1,003,783
591,443
360,415
8,149,327

27,720,314
39.071,993
13.820.861
21,828,665
6.962.664
24.445.766
11,193,542
18,168,205
7,598,787
170,810,797

1,609,778

780
37,870
12.400
549,760
9,990
188,540
5,940
33,170
52.080
81.250
1,006.330

1889.

Treasurylit V. S.ctfi.

95.748
90,445
67.181
181,351
554.559
110.069
217.066

O

8,480
4,633,720
257,940
87,400
244.070
9,174.960j 5.262,000

8,352,332

15.6.16.991

29.191,502,

5,8

Z8,501,<;74

4.012,430
4,051.380
7.139,151
2,799.238
6.764.730
2,496,151
14,216.99?
1,206.639
25.889,670
2,424,079
4,423,094
11,557,771
13,4K7,707
100,449,148

593,518
842,500
1,128,6 8
141,375
839,312
312.300
1,530,125
108,000

North Carolina
Bouth Carolina

Silver.

4,590

20.077,563
11.321,580
13.306.115
14.740.606
102.309.731
87.290.249
46.293,383
374.441.527

47,304,:
.161
80,628,:
.356
1,947
37,610,!
83.470,1
,263

i!

4,150,873
20,397,595
7,204,772
8,972,63a
827,226
11,027,426
4,030,452
&B.6LO,977

900,086

f Delaware
• Baltimore
3 Maryland, oth.

1.S77 .797
1,434 019
156 .683
2.243 185
6,6mO 892

251,446.696 6.211.487
220,000
6,6o9.64"
91,724.bl2 1,950,071
909,663
44.511,440
82,887,93v
810,131
673,511
29,373,493
743.858
86.138,991
592.743 .01 12,020.721

4S>,000.(iOO

gPhlliulelplila..

<

182 ,958
371 ,U5l>
424 564

aVi8.77B,Vt53

b7» 165.9ai,8i!C 45,480,.585

I Total Dlv.No.l

iNew York City
_ Albany
9 » York, other
^ New Jersey...

Silver

Gold

H

9

11.211,123
6,978.915
6,784,106
9S,416.864
63,179,02'
16.044.515
28.161,613

Maine
N. Hampshire
VenDont

Oold and

dit-

Treasury
eounlt. (Inet'u gold O.
overdrafli.) certificates. certificates

Other.

Individual.

$

tf

Loant d

Surplus.

Capital.

1089.

L.

52.164
9.309
37,763

725
6,321
3.484
108,766

8,000
1.099,862
94,334
582.049
75,133
56,591
26,279
1,942.248

Total for U. 8... 3,326 ei7,840.ltj4 198,508,794 1,436,402.686 43,897,539 1,811,636.892 84,416,468 64,M02,2OJil0,548.727 11222004 93.53.1,894

STATEMENT OP THE NATIONAL BANKS OF THE RESERVE
Totals roR Rxsirte
ClTUB, Ac.

i

i

s
SetioUTCea.

laoani

BoodB for circulation..
OtkerU. 8. bonds
Stocks, bonds. &c

Dne from banks
Be^l estate
Ould coin
Oold Treasury cert's...
Oold

Clear.

NaUonsl bank notes.
Clearing Hou&e cxch's.
Due from U. S. Treas..
Other resources
.

Totals
lAabilUUt.
Capital stock

.

1

^^

_s;_

fei

MI'S
90-6 37-6

sS

5
1

1

2tfii's

MU's

AHi's

1427 aS4-e Hi

280 61

14-2 11-2

ao
1-8

4-8
3-9

38
31U

21(1
33'4

15

•e

•5

•8

•e

1-2

•4

•3

5

•B

•6

8

11

•8

•s

3-8

•8

11

•7

4

•4

1-0
4-8
1-0

•6

1-7

•2

2-4

2

3-2

1

•5

1-1

2-6

1-8

r-8

3'8

13-7

a-6

•7

•4

•3

•B

•6

•8

•3

•«

•1

•2

•2

•4

•7

•9

•7

6

10-2

1-4

•X

•8

as

....

151

•4

3-7

•3

20

3-4
2-2
1-8

4-7

4T-2

•3

10

•H

r-0

5-4

4-B

St
148

IS
31

4

4-0

1-8

1-4

11

10

2

690

ii

•B

1-6

31

213o

3ii3a

13-3

!4-5

a-i

•ii

3

•6

1

•7

1-2

•i!

•1

,,,.

•s

•5

•s

3-2 11-2
•2

•4

•4

•9

12

10

....

11

2-3

4-a

•1

•3

•6

•6

•7

•9

•1

•2

•4

•a

•1

3-2
•I

•1

•1

....

8 37
8

•e
•3

1-0

11

....

2-2

1-2

•3

2
2

1-3

•1

96 IS 11
1
2
1

•8

1-4

•6

•a

135 1448

53-1

42^

•2

•1

1-0

•2

....

•2

•3

•I

1-9

1«

r-8

1-0

B

1-4

1-2

•2

•1

•1

•7

•1

•4

3

•4

2

• rr

12-4 24-i

4

T7

•1

16

3

•I

•2

2

32

•1

•1

•1

•4

43i 265 119 B

22-8

MiUtOM.
80S-9 l.OO'i-8 1.811-7
20 1 123-3 1434
23-3
45-4
201
42-7
111-4
6S-7
173-0 3113
138-2
43-6
70'!
261
C

3-9

719
649

•1

12-5
10-4

114

218

•8

471

37-4

84-6

340
61

•3

•2

e

Mil's Mil's Millions. Milliomi.

•7

•3

•6

mFs

•1

•s
•1

•6

sl^
e^

MiVi Mil's
4-5 13-8 18-«

4-4

3

1

.Mil's Mil's

3

8-«

11

MWs UiWe.
241 180 ?07

sl

|l

53

1

•a

•6

4-:

!i-e

1

j

S5

Wiirs. MiU's. Mil's Mill's.

House ctfs.

Silver coin and certia's
Iiegal tender notes ....
V. S. ctfs. of deposit...

J

1

AND TOTALS.

CITIES.

*>

•2

•1

•4

s

•2

•8

•1)

•1

•4

•3

1

•2

•3

•1

•4

•1 :

37-3

12-B

91

8-7

•4

38

15-2

21-1

100-;

3-0

103-7

1-4

6-4

7-5

123

3u-4

42-9

221 29^ ~5l 19^ "^^ 1.3519

1,581-8

2,9337

,

Surplus fund

Undivided proHts
Circulation...

Due todopositors
l>ue to banks

Other

liabUltiea

T6tBl«

318 490
137 33-1
30 13-6
a-e
39

1-6
1-2

23-6

•2

2-2

•5

2S

98-3 a.i77
411' 1638

6S

83-7
20-5

•5

3-2

12

•6

•1

3i3S

13-5

144

8

lOB 117
5-2 38

1-8

31

4-4

s-»

«-8

16.3

4-4

9

a-i

r-2

1-0

3-5

3-5

2142

4036

6 ITS

•7

1-6

l-l

2-1

11

•4

•8

•9

•1

•6

•6

83-4

s

•7

•3

•8

•6

6-0
2-9

•6

1-3

•B

•B

•1

•8

•3

•8

•8

6

•;

•B

•6

•3

•2

B

1

•3

1

337
168

1131
634
1093

1985
971

•8

8
8

33e 111

5-2

3-3

672-8

3-2

IS

2-8
1-0

101

38-0

8-7 1 2-3
6-6 8-3

i.'i

•9

3215

1

•1

1-4
1-4

300 20-8 91 14-8
•2
64 3-8
28
2 •1
•6

5-2 22-7 14-3
4-4 «-5 2.4
•4

33^ 42^ T2-4 24a 16^

0

•8

26^ 119

:<

•6

•1

•2

223 SB 22 29^
1

4-7
18-3
~3-4 19-1 ~»-6 1,351 9 1.3818
•2

.2

126

1

807-7 1.480 3
664 390-9

230

2.9337

March

1,

THE CHRONICLK

1S60.)

309

(jnotntlons in Boston, Philadelphia and Baltimore.
Following are Quotationsof active stocks and bonds. A full
list is given in the CiironicLiB the third Saturday of each month.

SECURITIES.
BM.
l««»TON.
BAILHOAD STOCKS, t

SECURITIES.

Axk.

HnnilUKton

I

•
*'210''j

Lehlsh Valley

«173'a
*2li

MInehlll A H. HaTen
NeHuuelifnilPK Valley....
Northern Central
North PeniisylTania

*

Central of MasBachaaetts

& North'u....
& West. Mich

Cleveland

A

Canton

ProfiirrwL

12

11

15
2U'

Preferi'ed
Chic. Hurl.

HI

20

29

A Passump.. 1 14 'a 1 1 fi
Connecticut Blver
.
22S
*'48
Eastern
Fltchhurj?, jiref

Flint*

137"!.

|

8'J

'

Preferred

*

Kim. c. Ft. .Scott * Mem.
K. C. Meiniih. & I!inn....j
lionisville Kvans. & St. L.

93
^CVi

Eaaton

lao
Manchester tt Lawrence.
Mexican Central
17'8
*
44".
If. Y. A N. Kng. com
N. Y. A New Kng., prcf .. *11«
Northern
Norwich A Worcester
Oprdensb. A Lake Cham..
Tt
*176
Old Colony
Portland Saco A Porta
Bummit Branch
6
Vermont A Mass
133^
* 28»8
Wisconsin Central
Preferred
60

17'f

'

82^^

6&

Pitts. Cin.

Ka>itern..Maaa.— (is, ;9'J6.' l'.;*^

tittle K. A Ft. Sui.— 7s... 'lOO
IX>uisv.Ev.A.St.L.— l8t,68 1U9
2dmort., 2.68..
77>9
....I
Mar. H. A Out.— 1925, 68.'
1923, 6s
101
MexlcanCen—48., 1911..' 69»4
'
1st cou. inc., 38, 193^
35»t
2d con. Inc 3s, 1339 ... • 21
N. Y. AN. Eng.-lBt, 78.' .Istmort., 63
118
2dmort., 68
107
2dmort., sealed, Sa
Ogdena. & L.
Cons., Ba *101'4
,

i

1902

105
70

Per share.

57

"9

104

lOlh
10

Last price this

111
ini
102
125'
114
US'!!

I

*

48

105

109 « 109 "a

Y.)

Bonds, 6s

Kassau (Brooklyn)

Brokers' Quotations.
Bid. Ask
,

|

Wllliamsbarg

1121

80
lOS
95

82
123
112
97

124

126

New York

100
118
108

1(15

121

Stock Exchange— Uulisted Securities.
SECURITIES.

Bid. Aak.

<t

do.
do.

do.
do.

Bid.

2d 68.

.

88
CO

"m"

Am. Bank Note Co
42
Am. Pi^' Iron Stor'ge war. "10"
Am. Cattle Trust

LoMch A

Aak.

•30

N. J. Southern
N. 0. Pac. Lard Grant...
Newp. N. A Miss. Val.... "ii"

9
Ctn<:lnnatl
l3t

A

Continental
El-tillers'

C.>n.

A

Bnl. s. Shore
Pref

.6^

6\

N.Y.

Spriugf

income 48

A

I60.
Imp..

47

18V,

A At.— Stk.

lat 6a
Consol. 58
.„
Income 58
Gt. Norlhern Prof
1st pref

A

Hi

17 »a
...„.

15
13
11234
SI"!

28
70
•30

1''0

'

'

'

.

i

1

.

1-25

a
19

30

33

60

61''

I

J 65^

16
O.I. AW.— Ist acc.lnt.cert.
2d ace. int. cert
26
29
Ocean .SS. Co.— 1st, guar. 101 103
82
4>4
SO 'Penaaooia A Atlantic
Postal Telegraph— Cable. 30
72
83
30 U
2
iSt. PaulE.Aar.Tr.,l«t6» 104
IKI0 la
S
78
West. N. Car.— Cnn.«s

nnu

.

i

23

Missouri UIVI810U

Ifl
1

w

Buff

North RIv.Coue. Co.scrlp.

KanawhaA Ohio— lat, H«.. 75
* Indicates actual eulea

V.'.S.

N. y. A Qreen'd Lake, lat
3d mort
N.Y. Loan A Impr

";;'4'

31
46

Cattle P. Tr. ••38I4

Oaorgla P»o.— Stock

24

MeriphlsA Cha'st- couaola 114
Mex. Nat.Constmct'uCo. 20
i2i" MiclilK»n A Ohio
38
Mt. Des.4 East Sh. Ld.CO. fs"

90
120
Brooklyn Klev'd— stock.. 36

Comstock Tunnel

Wilke».Coal...

A Mem. Ist 5s... 74 77
L.N.A.AC— O.AI.DlT.,68
LoaisT. St. LoiUs A Tex.. 32"

15

A

lat mort., 448
Ch.A Atl.— Beneflc.tr.rac.

2>ji

Little R.

1

44
19

Char. Air Line
1st, 7s, 1907

Atl.

K-ely Motor

27*4
coDsola.

78.307
2,200
34.713
4,215
4,471
35,483
221,000
39.762
101,764
873,967

.

.

Alibami A Vicks

to

Lateii Dale.

'

'

'

1889-90.

1888-9.

,606,:<18

2,360,986
8,205
12,232
3,157,348
171,735
3,329,082
1,516,416
50,635
37,000
370.448
1,480,680

410,037
1,890,737

2,008.965
8,213
8,10«
2,543,064
202,841
2,745,904
l,325,12-.5

48,266
21,500
432,183
1,234.234
372,084
1,606,318

40.272
3-26,222
300.7'21
115.701
131,099
115.701
85,115
800.141
913,334
Blr.SelmaA:N.O. January. ••
1,835
2,200
1.835
8Htt.Roch.A- Kilt 3d wk Feb.
36,872
219,081
294,003
Bnrl. & Nnrtliw. January...
4,862
4,215
4,862
Burl. & Wcfltern] January...
3,449
4,471
3.449
36,041
Camden it Atl. jJauuary. ..
35,483
36,041
Canadian I'aclHe Hu wk Feb.
196,000 1,614,141 1,492.938
Cp.F'r&Yad.Val January...
34,786
39,76;
34,786
Cent. Br. U. P..iDocemb'r.
77,97
854,960
908,324
January...
690,095
Cen.KK.&Bs,'. Co
873,967
690,695
Central of N. J
Decemb'r 1,111,607 977,211 13,497,394 13,177,472
Central Pacific., pcccmb'r 1,043,271 ,272,917 15,530,215 15,838,832
Central of 8. C.'Deceuib'r.
10,812
8,974
103,566
103,312
78,689
Centr'l Vermont, Wk Feb. 1
70,685
379.693
337,440
Charleat'n & Sav Decemb'r
57,828
56,994
60(>.911
560,133
Chat.R'me&Col. 'January.
32,500
16,012
32,500
16,01!2
Cheraw. & Darl. [Decemb'r
8-2,149
8,506
7,675
86,696
141,530 106,415 1,008.019
dChes. & Ohio . . 3d wk Feb.
762,-244
Clies.O. & S. W. January...
174,206 170,326
170,3-26
174,206
Decemb'r
Cheshire
643,924
693,478
Ones. A Lenoir iDecemb'r.
7,052
7,266
74,290
79,181
Chic. & Atlautio.'3d wk Feb.
71.470
40,515
415,900
291,198
149,3461 183,399 1.971,158 2,026,319
Chic. Bull. & No'Deceinb'r
Chic. Burl. & Q. [January... 2,181,4081 ,910,203 2,181,408 1,916.205
o36,(J01t 548,421
Lines conLr'l'd January.
536.0,)1
548,421
Chic.* East. III. ,3rt wk iJ'eb.
53,993|
49,830
333,978
376,138
Chic. Mil. & St.P. 3d wk Feb.
432.000 412.230 3,103,500 2,370,513
Chic. AN'tUw'u. 'January...' 1,857,673 1,,613,245 1,857,673 1,613.245
Chic. & Oh. Riv.lJauiiary..
5,80S
7.872
7.872
5,808
Chic.Peo.&St.L. Decemb'r
32,047
26,156
376,166
312,168
Chie.8t.P.A(K.C.i3d wk Feb.
82,197
43,081
562.609
332.105
Chlc.St.P. M. AO. Decemb'r
583,539 4&7,576 6,422,644 6,416.320
Chic. & W. Mich. 3d wk Fob.
25.317
23,724
167,621!
162.272
Cln. Qa. i Ports. J anuary.
3,702
3,976
3,976
3,702
Cln. Jack. & Mac 3d wk Feb.
10,560
73,134
10,689
72,588
an.N. O. &T.P.I'2dwkFeb.
77,682
465,666
74,173
511,833
Ala. Gt. South .2d wk Feb.
40,006
227.908
34.990
231,633
N. Orl. & N. 13. 2d wk Fob.
27,143
21,917
152,798
145,695
Ala. & Vicksb 2d wk Feb.
12,083
11,665
92,747
81,067
1-2,062
11,999
Vlcks. Sh. & P. 2d wk Feb.
90,053
76,915
ErlauKer Syst. 2d wkFeb. 168,913 154,807 1,099,071
997,251
2,-256
2,256
1,410
Cmn.Northw'n. January...
1,410
7,548
11,867
Cin. Sel. A MoD. January...
7,543
11,867
Cin. Wab.&Mich.' January...
37,564
36,475
37,.564
36,475
14,843
11,728
Clev.AkronACol 2d wk Feb.
90,380
73,791
Clev. & Canton.. Decemb'r.
41,933
32,201
448.612
379,184
CI.Cin.Ch.&S.L.|3dwk Feb. 222,179 205.039 1,613,629 1,493,543
Clev. A Marletta'Janiiary. ..
19.740
1 9,0j3
19,033
19,740
Color. Slidland. 3d wk Feb.
34,100
30.950
233.392
199,681
Col. & Cin. Mid. 3d wk Feb.
6,430
6,573
47.518
47,069
Col. Hock. V.&T.'Decemb'r
184,996 220.503 2,509..'>18 2,893,970
1,-241
1,241
Colusa & Lake.. January...
1,507
1,507
Coving. AMac'n. 'January.
13,309
8,236
13,369
8,236
Daj-.Ft.\V.&Ch..',Tanuarv...
39,540
36,932
39.340
36,932
Denv. & Kio Gr. 3d wk l^eb. 123,000 112,000
933,592
978.300
Den. Leadv.&Q. Decemb'r.
96,9rfl
70,727 1,008,233 1,065.387
217,304
190,537
Den.Tex.A F.W.iltb wk Jan
62,878
50,444
9,774l
77,367
69,393
Det.Bay C. A Alp 3d wk Feb.
12,261
121,015
20.251
17,1471
129.333
Det.Lans's; A No 3'1 wk Feb.
20,99H|
161,435
26,837
201,910[
Duiuth.S.S.AAtl 3d WkFeb.
733.270
850,302
K.T(mn. Va.&Ga. 2d wk Feb. 134,477 119,893
81-'>,830 1,003,690
89,532
Eliz.Lex.AB.8.. . IDecemb'r
62,933
32,544
36,001
4,567
4,682
Evaus.Alnd'plis 3d wk Feb.
18,627
125,490
118,428
18.221
Evansv. & T. H. 3d wk Feb.
42-"),
443,213
423,169
169
448,215,
January.
Fitohburjf
236,132
44,160
345.562
62,451
Flint. & P. Marq. 2d wk Feb.
163,938
177,336
25.592!
26,079
Plor. Cent.* P. i2d wk Feb.
2,116
1.745
2.115
1,745
Ft.Mad. AN'w'n January...
246,920
233,701
21,683
26,193
Pt.W.Cln. &L.. November.
158,080 156,349 1.616,912! 1,538,006
Ga. UR. A B. Co. Decemb'r
14,520
51 .9021
14.520,
51,902
Geo. So. AB'la.. January...
231,339
290,400
39.830
51,844
Gr. Rap. & Ind.. 3d wk Feb.
59.801
53.341
9.703
9,574
Clu.R.A Ft. W. 3d wk Feb.
24,361
22,7531
3,251
Other lines ... 3d wk Feb.
3,6,)5l
Brand Trunk. .. W'k.Feb.15 340,945 334.372 2,324,;-85 2,201,574
405,760
492.929
59,308
69,752
Chic 4Gr.Tr.iWk.Feb.15
118.263
127,558!
16,834!
19,418!
Det.Qr.H.ik M. Wk.Feb. 1

Decemb'r

.

Scrip

SnOURlTIBS.

53.6i)l
Pac. 3rt wk Feb.
B.&O.East Lines January... 1,480,680
Western Lines' January... 410,057
Total
January... 1,890,737
41,161
Bal.&O.Southw. 3d wk Feb.
134,009
Bait. <V Potomac January...

Atlantic

'

I

8.213
8.106
419,210
29,357
448.567
129,103
48,266
21,500
50,396
,234,234
372,08 1

34,121

.

.

102 1^; 104

People's (Brooklyn*

183,,545

8,205
12,232

547,336
149.908
50,655
37,000

'

loo's

Jan. 1

S

200,497
513,215

M

.

.

12'a

Bonds, 68
Metropolitan (Brooklyn)..
Mtinicipal— Bonds, 78
Fulton Municipal
Bonds, 68
Equitable
Bonds, 68

Metropolitan— Bonds

.

.

t

I

Bonds, 5s
...
Consolidated (3as
Jersey City A Hoboken

AlleKbeny Val.. Dceemb'r.
Anuiaton &Atl. January...
Anniston & Clu. Junuary. .
Atoh. T. & 6 Fe. 2d wlc Feb.
wk Feb.
Half owned
Total system 2d wk Feb.
Atlanta & Char. Uecemb'r.
Atlanta At W.Pt. Januar.r...
Atl. & Danville. January...

Beecli Creek

....

GAS COMPANIES.

Ask.

I

1.1

103

L.— 78,cp. iVe'
8.— lat, 58.. 104

1888-9,

*

I

Ist Inc., 63, 1031
13 Hi
Seab'dARo'u'ke—6s, 1926
West. Md., 3d guar., 68..
119'a
Wll. Col.AAng.,68,1910. 120
121
week.

Brooklyn Ga a- Light
Citizens' Gas- Light

JIntuaKN.

1203,

Cent. Ohio— 6a, 1890
Char. Col.* Anit.- lat, 7a
;cin. Wash. A Bait.— lata.
2d, 5a
3d, as

N. Y. and Brooklyn Gas Secnrlties
Bid.

130

RAILROAD BONDS
Atlanta A Char.— Ist, 78.
Income, 6a
Bait. A Ohlo-48, 1935...
Cape Fear A yao.--l8t,6s

35S

GAS COMPANIES.

lllig il2>9

Western Maryland

Preferred
t

WeekorMo 1889-00.

. .

St.

2d pref
Central Ohio
Preferred
Charl. Col. A Angusta....

i(6Hi

22
127
118
108

PIITlyADELPIIIA.

*

ilOVH

1st pref

96'4'

66

A

RAILROAD STOCKS
Baltimore A Ohio

112

Catawissa Ist pref
£ast Pennsylvania
Elmira A williamsport...

laS
1

KAI.,Ti:fIOIiE.

100

RAILROAD STOCKS
Camden A Atlantic, pref.

Earning! Reported.

Latest

102

PlttslmrK Br.. Ba

I

*

•.'«

BOAC».

1

R., 1893....

West Penn.— 6s. 1893

.

'

6s,

furnished without extra charge to
regular subscribers (f the Chro.mcle. Extra cr-pits
are sold to subscribers of the Cheomcle ut 00 cent* i-Msh

RAILROAD EARNINGS.

Schuyl. H. E.
104 "4
Steuben. A Ind.lst m. Bs. 108
United N. J.— O. 6s, 1901 110
Warren A Frank.— 1st, 7s
11014
West Chosfr— Con. 78, '9
IO6I4
We&t Jersey- 1st M.,78.. •124H
W. Jersey A Atl.— lat, 68 107 S

K. C. Ft. Scott A Mem.,63 115
SOh
K.C. Memph. A Blrm—6b
K»n.Clt.Kt.Jo.A<;.B.— 7b 12l)'»
S. City Clin. A Spr'd.-58

Wlscon. Cent.— lat M., 08
Income, 5s

121
114'«

Cons., 7s, coup., 1911...
Cons., 6.S, g., f.R.C.1911
Imp., 6s, (;., conp.. 1897.
Con. 5s., 1st ser.,st'mp'd
Deferred incomes, coup
Phll.W. A Bait.— Tr. c, 4s

Freem.Elk.AM.V.— lst,68 123
*1'^2
Vnslamped 1st, Os

C—

l.S4>a

6s, couj)., 1905 ...
Cims., 5s, coup., 1919...
4^.iH, 'I'inst Loan
Perklomen— Istsp. 58, '18
2d series 5s, 1918

A

Haturday of every

to otliers at |1 per copy.
The General Quotations of 8locks and Bonds, occupying
iix pages of the Chiiokicle, are now published on the
third »»aturduy of each month.

110

fts.

Penn.— Gon.6s, courl910

2d, 7s, C.

last

and

122
116

'

93
88

2d, »a, 189S

37
101

'

Current Riv.-lsi,58.1i127 '100 >»
Dot. L.ln.s. A No. -M 7s. ICO
103

Batland— 1st,

llOHi

35
101

Pa.AN.Y.Can.-6s.cp.'10 ....
65
Phila. A Erie-Gen. 58
IIS*. 116
General inortf?. 48
IO234
Philadel. A Read.— list, 68 120

1

.

published on the

all

Cons.

107
89
»8

Plain 4s, 19la
Chic. Burl ANorth. at 58.
2d (is, '118
ChlcA West Mich. gen.Ss
CoQsol. of Vpr iiont— -'•s..'

A Amboy.— M.

It in

month—v'Z., January, March, May, July Septembtr

and November, and

en
43>4

,

120
6a

other

I

Kxeiiipt, 6s

Non exempt.

nt>,

General mort. 7s, 1903. 130 130",
N.Y. Phil. ANorl — lat,68 lOeis 107'«
Income, 6r
50

)

A Toi)eka— Gen., 4s *
*
Income, 5s
Barl. A Mo. U. in tteu.—

Oompanieg.

2»

2d, 7s, reg., 1910
1.18V
Cons. Os, C. AR., 192.S.. ]3SVi'
North Peun.— lat M.. 78. 1173,

I

Atch.

88>.
64=4

Klnilra A Wilin.— 1st, 6a.. 120^.
Harris. P. M't J.AL.—48. 105
Hnnt'nA B. T.— l8t,7».. 1(14
2(1 mort(?., 78
110
Consol. M., Pa
•IU334'
Leh.V.— Ist, Os.C.A B.,'98
1117

Preferred
Maine Central

BOT^nS.

'

A

'iih

Marouotte..'

I'ere

Phil.

AlleRh. Val.-7 3.108,'96.
Inc. 7s, end. coup. ,'94..
iBclved. Dela.— Cons. 48..
Bells Gap— 1st M., 7a
Catawlssa— M. Ta, 1900...
Clearfield
Jeff.— 1st, Ba.
t^onneetinff 6b
Del.And.B.-lst,78, 1905.

>

Preferred

'

RAILROAD BONDS.

-

'

70
•

Pennsylvania

'232
United Co'a of N.J
West Jersey
We.-^t Jersey A Atlantic.

I
'

The Investors' Supplement, a pamphlet of 150 pagea
eontains extended tnblea of tif. Funded JDtbt of Uta'en and
Cities and of the Stocks and Bandg of Rmlroadi and olhar

«9
70

A Kne
Hnni>ury A Lewiaton

'

Coueord
CounccUcut

18
62=4

Little Schuyllilll

"259^

Oalltornia Soutlioni

Chlo.

A Broad Top

AND

Aak

Bid.

Preferted

SSU

Atchison <t Topi'ka
Boston A AlUluiv
Boston .t Lowell
Ronton A Mainn
Boston A I'rovidonce

%nvitstmtnt

.

THE

310
Samingt Reported.

Laletl

BOAM.

Weekorilo 1889-90.

Jan. 1

to

fVOL. L,
Latett Earningt Reported.

Laletl Date.

1889-90.

1888-9.

CHROJNlCLE.
Bo ADS.

WeekorMn

18SS-9.

1889-90.

1888-9.

Jan. 1

to I,ateat

1889-90.

1

Date.

1888-9.

j

«
3,273
111,198
13,000
1,180,683
5,242
143,281
148,523
1,329,206
30,256
125.280
33,955
3,014
56,332
4,819
4,939
87,703
26,017
51,300
71,442
6,478
2,285
50,421
4,500
51,887
23,342
13,338
203,595
39,451
19,113
375,210
39,896
68,725
31.470
32,900
40,096
151,147
82,742
88,473
53,379
27.200
8,120
113,192
201,351
639,764
292,046
68.366
11,686
308,586
72,255
19,502
14,686
2,923.406
2,155,785
591,544
434,407
42,602
33,013
124,236
113.019
63,707
559,118
334,761
12,066
31,280
83,480
15,087
•

Gnlt&diicago. January.
Housutoiiie

.

T)ec'Oiub*r.

Huiuest'iiiV'Shen .Tauuary. .
lU.Ceii. (1 ll.&So. January.
.

)

Cedar P. &Min. January.
Dub. & Sio'xC. January.
Iowa lines .... (January.
Total all ... January.
Ind.Dec.&West. January...
Interoc'uie (Mx) Decemb'r
.
.
.

.

.

j

Iowa Central. ..|3dwkFel).
Iron Eailway ...' January.
J'k'uv.T.&K.WtfiNovember.
Kauawha& Ohio 3d wk Feb.
.

Kan.

& Sp

C. CI.

1st

K.C.F.S. &Meic.llst

wkFeb
wk Feb

K.C.Meni. & Blr. 2d wk Feb.
K.C. Wy. &N.W January.
Kentucky Cent. January...
Keokuk & West. 2d WkFeb.
Kingst'u <fe Pern. 2d Wk Feb.
Knoxr. & Ohio. Decemb'r.
L. Erie All. & So January.
L.Erle&vve6t.. 3d wk Feb.
Lehigh & Hud.. January.
.

.

.

Rock & Mem- 2d wk Feb.
Long Island
January.
L.

.

La. & Mo. Elver. Decemb'r
Loui3.Ev.& St.L. 1st wk Feb
Loulsv.&Nashv. 3d wk Feb.
Louls.N.A&Ch. 3d wk Feb.
Louisv.N.O. ifeT. 3d wk Feb.
Lou.St.L.&Tex. January.
Loulsv. South'n. January.
Memphis & CUas 2d wk Feb.
.
.

IMexican Cent... 3d WkFeb.
jMex. National 3d Wk Feb.
JMexican li'way Wk Jan.23
Mll.L.Sh. & West 3d wk Feb.
Milwaukee c& No 3d wk Feb.
Mineral Kange..
Mlnneap. &St.L.
M.St.P. &S.S.M.
Mo. Kan. & Tex.
Mobile & Ohio
Montana Union.
.

Montercy&M.G

January.
January.
January.
January. .
January.
Decemb'r.
.
.
.

.

1st

wk Feb

Nash. Ch.ife St.L. January...

Kew Brunswick.
N. Jersey &N.Y.
New on. & Gulf
N. Y. C. & H. R.
N.Y. L.E. &\V.
N. Y. Pa. & Ohio

Decemb'r
Decemb'r

N. Y.&N.Eng..
N. Y.&North'n.
N. Y.Ont. &W..
N.Y. Susq. & W..
Norfolk it West.

January.
January.
3d wk Feb.

N'theast'n

(S. C.)

January...

January

-

January...

Decemb'r
.

.

Decemb'r
3d wk Feb.
Decemb'r

North'n Central. January.
Northern PaciHc 3d wk Feb.

Ogd.&LakeCh Wk Feb. 1
Ohiolnd. & W.. 2d wk Feb.

Ohio & Miss
Ohlo&Northw..
Col. & Maysv.
Ohio River
Ohio Southern
OhloVttl. ofKy.

ad WkFeb.
January.
January...
3d wk Feb.
January.
2a wk Feb.
.

613

*

$

1

3,273
1,261,261
13,000
1,180,683
5,242
143,211
148,523
1,329,206

4;243
86,107
10,829
1,127,146
6,852

20,856
127,708

3

1,254,854

30,256

34,579
74.623
38,193
4,436
37,608
4,582
4,772
91.422
23,040
26,430
68,848
C,391
2.658
40,599
5,345
49,816
17,872
13,587
187,748
33,508
21,237
326,930
38,549
53,318

32,527
43.905
106,176
78,568
76,608
49,517
19,570
8,515
83,390
93,075
470,842
284,202
57,204

293,080
63,870
18,001
15,459
533,271
412,573
42,910
27,412
123,694
93,923
53,616
464,749
310,046
10,506
30,645
71,036
13,799

720

8,479
9,043
44,966
46,126
3,738
2,336
59,323
45.373
Omaha & St. L.. Decemb'r
Oregon Imp. Co. Decemb'r
310,541 335,382
Oreg. B. &N.CO. Decemb'r
470,038 525,534
Ore.8.L.&Ut.N. Decemb'r. 553,406 574,672
Oregonian
4,314
Decemb'r
7,402
Pennsylvania .. January. 5,142,311 4,528,746
PeoriaDee.&Ev. 3d WkFeb.
13,580
15,970
Petersburg
34,293
Decemb'r
38,431
Phlla. &Erie... Decemb'r.
366,820 257,164
Phlla.&Read'g. January. 1,566,730 1,463,302
Plttsb. & West'u Decemb'r
117,457 115.701
Pitts.Clev.&T. Decemb'r
38,001
40,308
Pitts. Pain. &F. Decemb'r
21,082
21,613
Total system 3d wk Feb.
33,226
42,137
Pt. Royal & Aug. Decemb'r.
26,845
25,205
Pt.Roy.A W.Car. Decemb'r
39,520
41,169
Pres.&rAriz.Cen. Decemb'r
11,400
11,714
QuincyO.&K.C. January.
18,026
20,133
JUch. A- Danville. January.
492,129 407.938
Vir. Midland.. January.
168,256 144,362
Char.Col.&Au. January...
85,061
83,566
Col. & Greeny. January...
88,868
68,967
West. No. Car. January...
78,644
72,467
Georgia Pae
194.875 126,730
Jan-.ary.
Wash.O.& W.. January...
8,748
6,871
Ashv. & Spart. January...
10,732
9,317
Total Sys'iu. 2d wk Feb. 272,425 265,125
Rich. & Petersh. Decemb'r
25,178
22.901
Eio Gr. West. January...
107,375 113.023
Bome & Decatur January.
8,800
4,000
Rome W. & Ogd. Decemb'r. 301.041 267,36b
et Jos. & G. Isl. 2d WkFeb.
31.809
22,208
St.L.A.&T.H.B's 2d WkFeb.
23,747
22, -'52
8t.L. Ark. &Tex. 3d wk Feb.
70,903
64,9u5
Bt.L.Des M. & N. January.
5,273
4,531
St L.&SauFran. 3d wkFeb.
123.040 101,952
et.Paul & Dul'thJanuary...
88,829
60,119
St P.Min.&Mau. January^.
509,377 394,117
East, of Minn. January.
41,659
15,947
MontauaCent. January
74,522
44 05t
S.Ant.&Ar.Pass. 2d wkFeb.
29.229
23,144
t. Fran. AN.Pac. :4th wk Jan
10,814
15,601
Say. Am. & Mon. January.
22,447
15,072
Seattle L. S. & E. 2d wk Feb.
3,34'!
5,750
Scioto Valley
'January.
50,088
50,801
Shenandoah Val J auuary.
91,000
52,00(
South Carolina January...
137,000 134,5SS
.

.

.

.

.

- -

.

. .

.

.

.

.

.

.

.

1

Bo. Paciflc

2i6,236
4,436
387,524
34,885
23,658
448.670
138,164
26.430
68,848
39,341
14,750
500,280
5,345
337,634
17,872
90,443
187,748
451,901
108,923
2,387,742
267,187
411,079

308,58(1

293,080
869,166
242,003
15,459
2,710.150

.

.

. . .

217,933
3,014
469.945
37,091
26,929
472,067
173,046
51,300
71,442
43,524
14,107
581,504
4,500
364,339
23,342
84,340
203,595
463,028
95.947
2,686,750
272,853
561,439
31,470
32,960
255,991
982,775
548.247
275,146
377,634
172,600
8,120
113,192
201,351
639,764
292,046
766,161
35,386
933,788
244,319
14,686
2,923,406
2,135,785
6,653,816
434,407
42,602
216,429
1,402,466
850,551
617,265
559,118
2,023,395
02,311
190,373
553,600
15,687
613
75,240
44,966
22,191
524,889
4,336,618
6,104,602
6,512,345
72,946
5,142,311
97,871
467,556
4,689,136
1,566,730
1,403,045
490,796
285,115
276.894
315 757
364,788
128,508
18,026
492,129
168,256
85,060
88,868
78,644
194,875
8,748
10,732
1,692,338
293,293
107.373
8.900
3,586,166
203,002
138,750
572,960
5,273
791.958
88,829
509,377
41,659
74,322
193,591

2,710,150
1,924,291

.

4,243
1,126,494
10,829
1,127,146
6,852
120,856
127,708
1,254.854
34,579

32,527
254,407
800,542
508,710
308.334
311,181
139,597
8,315
83,390
93.075
470,842
284,202
775,155

1,924,291
6,227,531

Gal.Har.&S.A Decemb'r

N.Y.T.&Mcx Decemb'r
Tex. & N. Orl Decemb'r

331,061
107,977
654,447
22,333
180,829

3,937,291

581,4 2(
13,83f

5,452,017

1,101,.568
192,70>^

126,308 1,747,805
Atlantic sys'n Decemb'r. 1,296,647 1,151,650 12,431,390
Pacitlc system Decemb'r. 2,406,237 2,826,031- 33,928,486
Total of all . Uecembr 3,702,884 3,977,691 46,359,875
.

i

154,388 2,234,7111
546,492 6.068,498
144,682
175,552 1,851, 117i
940,8821
75,359
86,913
11,301
121,989
12,808
49,942
51,616
51,016
62,632 119,560
62,632
55,699
88,200
55,699
11,964
17,097
17,097
131,148 107,319 1,001,618
17,938
152,961
Tol.A.A,&N.M.;3dwkFob.
33,264
Tol. Col. & Cin. i3d wk Feb.
37.697
4,181
, 5.907
rol.A Ohio Cent. 3d wk Feb.
17,443
104,509
22,882
To'..&O.Cen. Ex. January...
6.926
8,270
8,270
Tol. P. & West.. 2d WkFeb.
109,625
19.085
20.557
Tol. St. I.. & K.C. 3d wk Feb.
16,137
206,776
31,230
CJulon Pacific. 'January.
2,148,011 ,331,891 2,148,011
Total system). Decemb'r 3,554,364 ,288,068 39,713,904
Valley of Ohio
53,700
587,955
November.
52,300
Vermont Valley January...
12,416
11,670
11,670
Wabash
}3d wk Fob.
241,078 217,847 1,870,879
Western of Ala. January...
61.330
61,530
60,021
West. N.Y. & Pa. 3d wk Veh.
433,600
56,400
62,800
West Jersey
93,367
January.
93,367
82,939
W.V.Cen.&Pitts. January...
61.020
69,377
69.377
Wheeling & L.E, 3d wk Feb.
18.097
142,700
20,782
Wil. Col. & Aug. Decemb'r
891.380
84,713
77,878
Wisconsin Cent. 3d wk Feb.
76,376
56,920
566,491
Wrightsv.&Teu. Decemb'r.
7,368
6,524
80,886
ffMain Line.
t Mexican currency.
.

.

.

;

.

.

720
63,531
46,126
13,192

427,710
4,856,051
6,379,797
3,770,541
70,313
4,328,746
107.019

413,506
4,373,041
1,463,302
l,-,i80,653

479,148
270,652
269.277
317,608
335,576
125,727
20,133
407.938
144,362
83,506
68.967
72.467
126,730
6,871

9.317
1,440,617
206,516
113,025
4,0m(i

3,804 676
966,493
5,226,103
146,527
1,438,577
11,582,373
35,117,241
46,699,015

118,6.59

29,934
137,700
6,926
105.863
115,483
,331,891
,093,116

Latest Hross Earnings by

Weeks.—The

latest

569,732
12,416
,582,398

60,021
409,590
82,959
61,0'20

122.668
800,320
416,247

weekly earn-

ings in the foregoing table are separately summed up as follows:
For the third week of February the gain reaches 15-57 per
cent on 51 roads. ,

3d week nf February.

1890.

$
53,691
41,161
34.713
221.000

& Pacific
& Ohio Southw
Buffalo Roeh. & Pitts....
Atlantic

Bait.

('anadian Pacific

Chesapeake & Ohio
Chicago & Atlantic
Chicago & East. Illinois..
Chicago Mil. & St. Paul..
Chicago St. P. & K. City.
Chicago & West, Slicbigan.
Cincinnati Jack. A Mack.
Cleve. Ciu. Chic.

&

141,.530

71,470
53,993
432,000
82,197
•23.317

St. L.

Colorado Midland
Detroit Bay C. & Alpena.
Det. Lans. & North
Duluth 8. 8. & Atlantic.
Evansville & Indianap...
Evansville & Terre H. .
(irand Rapids & Indiana.
Cincinnati R. & Ft. W..

610,590
464.749
2,025,252
47.857
173,253
556,465
13,799

085,938
668.601
099,141
003,638
105,127
49,942
119,560
88.200
11,964
859,202

.

.

Col &Cin. Midland

1,443,902
680,417

126,318

457,1(15

.

18-2,355

3.35«,103
134,391
118,975
447,478
4,531
725,178
60,119
394,117
15,947
44,053
125,254
35,48C
43,418
22,447
15,072
32,939
25,938
30,088
50,801
91,00C
52,0(iO
137,000
134,588

344,922
83,167

(

Ko. Dlv. (Cal.), Decemb'r.
So. Dlv. (Cal.) Decemb'r
Arizona Dlv.. Decemb'r.
New Mex. Dlv. Decemb'r
Spar. Un. & Col. (Decemb'r.
Staten I. Uap.T. January...
Summit Branch. January...
Lykons Valley January...
Tenn. Midland.. January...
Texas & racillc. ,3d wk Feb.

412,573
42,910

Co.—

Louis'a West. Decemb'r.
Morgan'sI.itT Decemb'r

RI!.—

80. Pac.

Denver

& Rio Grande

.

.

.

.

Other lines

Kanawha & Ohio

& Western
Louisville & Naahville...
Loulsv. N. Alb. & Chic...
Louisville N. O. & Texas.

Lake Erie

Mexican National
Milwaukee L. 8h. & West.
Milwaukee & Northern..
New York Ont. & West.
Norfolk & Western
.

Ohio & Mississippi
Ohio River
Peoria Decatur AEvansv.
Pittsburg & Western. ..
Bt. Louis Ark. & Texas..
St.

Louis

oi

San Francisco.

Toledo Ann A. & No. Mich.
Toledo Col. & Cincinnati.
Toledo & Ohio Central
Toledo St. L. & Kan. Cit.i
Wabash (consol. system)
Western N. Y. & Penu. ..

—

Wheeling

&,

Lake

Erie.

10,560
222,179
34.100
6,480
123,000
12,261
20,254
26.837
4,682
18,221
51,844
9,574
3,251
33,835
4,819
51.887
375,210
39,896
68,725
151.147
82,742
53,379
27,200
33.013
113,019
334,761
83,480
9,043
13,580
4-2,137

70.903
123,040
131,148
33,264
5,907
22.882
Sl,'2.5i

241,07h
62,80(.

20.782
76,376

.

Wisconsin Central

1889.

$
50,396
40,272
36,872
196,000
106,415
40.515
49.830
412,230
43,081
23,724
10,689
205,059
30.950
6,573
112.0uO
9,774
17.147
20,906
4,567
18,627
39,830
9,705
3,653
38.493
4,582
49,816
3-26,930

38,549
53,318
106.176
78,568
49,517
19,570
27.412
93,923
310,046
71.036
8.479
15,970
33,226
64,905
101,952
107,319
17.938
4,181
17,443
16.137
217,847
56,400
18,097
56,920

Inereate.

Deereate,

$

•?

3.295

889
2,159

25,000
35,115
30,955
4,163
19,770
39,116
1,593

129
17,120
3,150

93
11.000
2,487
3,107
5,841

115

406
12,014

131
404
4,538

237
2,071
48,280
1,347
15,407
44,971
4,174
3,862
7,630
5,601
19,096
24,715
12,444

564
2,390
8,911

5,998
21,088
23,829
15,326
1,726
5,439
15,113
23,231
6,400
2,683
19,456

554,331
10,250
4,037,738 3,493,657
Total (51 roads)
544,081
Net increase 115-57 p. c).
^
0..e day less in i»90.
For the second week of February the gain is 11-03 per cent
on 84 roads.

2d week

nt February.

1890.

1889.

$
Prev'lyrepo'rt'J (62 roads)
At. Top. A S.F. i- I'd roads
Chicago St. P. & K. Citv.
Cin. N.O. &T.P. (3road8).
Cleveland Akron <fe Co)
.

East Tennessee Va. & Ga.
Florida Cent.* Peninsula.

tGraud Trunk of Canada.
tChlcago A' Gr. Trunk
f Detroit Gr. H. & Mil.

Kansas

C.

Klugston

Mem. & Birm

..t

.

Pembroke...

Rock & Memrhis..
Memphis & Charleston...
Little

Ohio Indiana & Western.
Joseph & Gr. Island..
St L. Alt. & T. H. Brches.
San .intonio & Ar. Pass..
Toledo Peoria & Western.
St.

Total (84 roads)
Net Increase (1102

p. c.)

4,222,947
513.215
74.655
168,913
14,843
134,477
25.592
340.945
69.752
19,418
26.017
2.285
13,338
40,096
31,280
31.809
23.747
29.229
20,557

3,834.520
419,210
49,883
154,807
11,728
119,893
26,079
334,372
59.308
16.834
23,040
2,638
13,587
43,905
30,645
22.209
22,252
23,144

5,803,115

5,227,159

19.0,S5

ll%r.reit.ftf,.

440.182
94.005
24,772
14 106
3,113
14,584

Deereast.

51,755

48T
6..573

10,444
2.584
2,977

373
249
3,80a

635
9,600
1,495
6,085
1,472

632,629
575.956

58,673

Mascb

1,

THE OHRONICLE

1890.J

Net Earnlni^s Monthly to Latest Hates.— The

tables followthe not eaniinsH reported this week, the returns for
each road bcinK published hero as soon as received, but not
kept standing from week to week. The figures cover the
latest months and the totals from January 1, and also the
totals for the fiscal year on those corajiaiiies whose fiscal year
does not correspond with the calendar year.

ing

show

Set Ewnlnan.
nrniiK Karnmqg.
Rnad:
•188i)or'9l). 188Soi''89. 1889or'90. 1888()r'«9.
(iw2.i:)7
Ateh. Top. AS. Fo. .Deo. 2,009,393 1,709,355
938,665
Jan. 1 to Dec. 31...20,81i.381 19,008,288 7,051,980 5,871, r.rjO
rtPf.1,813
St. I.. K. C. A Col -Doc.
acf.623
3,809
dnl'.897 dcf. 15,785
Jan. 1 to Deo, 31...
49,197
02,757
Quit Col. AS. Fe..Deo.
115,414
93,391
374,131
403,031
Jan. 1 toUeo. 31... 4,113,423 3,249,498
814,410
166,807
South'!! Calir!iia..Deo.
9,419
177,021 dcf.7,725
99,710
Jan. 1 to Dec. 31... 1,696,17« 2,.540,100
411,97,>
217,830
Tot.fullycoiitrolI'd.Dcc. 2,578.074 2,354,319 1,045,731
783,107
Jan. 1 to Dec. 31...26,686,740 24 847,084 8,083,320 6,434,,'i54
,

,

Eoads Jointly owned—
Atclilson'a half
Deo.
110,711
Jan ItoDec. 31... 1,449,716
Grand total
Deo. 2,688,785 2,532,.332
Jan. 1 to Dec. 31... 28,136,456 26,467,356
Bait. ArotO!n.ic
Jan.
134,099
115,701

Camden A

.\tlantlo..Jan

35,483
36,041
971,141
897,938
Central of GoorKia.Jan*.
690,695
873,967
Jnly 1 to Jan. 31*.. 5,505,049 4,813,901
Central Pacific
Deo 1,043,271 1,272,917
Jan. 1 to Dec. 31... 15,530,215 15,838,832
Chic. Burl.AQuiucy. Jan. 2,181,408 1,916,205
Lines controlled.. Jan.
536,001
548,421
C. C. C. A St. Louis...Ian.
957,876
871,213
July 1 to Jan. 31... 7,494,305 6,915,189
Clevel'dA Marietta. Deo.
21,048
23,810
Jan, 1 to Dec. 31...
263,650
291,875
Colorado Fuel Co
Deo
July 1 to Dec. 31...
EastTenn.Va.AGa.Doct.
638,220
497,741
Jan. 1 to Dec. 31t.. 6.413,751 5,61.-j,907
July 1 to Dec. 31t.. 3,530,575 2,900,373
Kno.xville A Ohio. Dec.
50,421
40,599
.Tan. 1 to Dec. 31...
581,504
500,286
July 1 to Dec. 31...
302,506
262,925
Mcmpliis ACha'st'n.Dec.
184,162
189.481
Jan. 1 to Dec. 31.. 1,729,164 1,583,548
July 1 to Dec. 31...
918,455
807,226
Mexican National. .Jan.
332,097
287,637
N. Y. L. E. & Wo8t. Jan,!. 2.155.785 1,924,291
Oct. 1 to J.an. 31t... 9,627,819 8,888,708
N. Y. A New En-.l'd. Jan
434.407
412,573
Jti'y 1 to Jan. 31... 3,485,804 3,310,864
Norfolk A Western Jan.
517,095
398,064
Northern Central
Jan.
559,118
464,749
Pennsylvania
Jan. 5,142,311 4,528,746
Phila. A Reading.
..Tan. 1.566,730 1,463.302
Deo. 1 to Jan. 31... 3,221,672 2,863,814
SanFran.ANo Pac.Jau.V
35,470
43,419
July 1 to Jan. 31...
458,774
436,017
Southern Pacific EF.—
Northern Division. Dec.
1,"4,388
126,318
Jan. 1 to Dec. 31... 2,234,711 2,085,938
Soutliem Division. Deo.
457.105
546,492
Jan. 1 to Dec. 31... 6,068,498 6,668,601
Arizona Division. .Dec.
144,682
175,552
Jan. 1 to Dec. 31... 1,851,117 2,099.141
New Mexico Div. Deo.
75,359
86,913
Jan. 1 to Dec. 31...
910,882 1,003,638
Union PaciUc
Jan. 2,148,011 2,331.891
West Jersey
Jan.
93,367
82,959

Canadian Pacific

Jan

.

. .

3,708
80,052
1,049,439
8,163,380
34,056

deM5,591
188,804
311,554
1,796,048

818.069
6,269,796
32,892
def.9,939
150,903
230,701
1,820,628
301,2H3
6,206,764
453,879
156,071
217,000
2,343,076
3,115
51,020
36,624
135,530

302,559
5,705,942
813,132
142,646
315,000
2,638,184
2,167
56,220
29,958
163,523
101,6.30
266,821
2,598.834 1,933,803
1,476,161 1,018,819
15,920
17.980
216,910
205,392
104,892
107,269
118,421
92,620
320,93!»
550,656
165,023
326,483
83,018
43,705
612,469
542.527
3,247,P09 3,019,300
128,245
96,407
1,317,307 1,198,837
192,377
110,679
195,398
149,518
1,306,046 1,080,796
603,757
624,362
1,269,257 1,188,697
def.4,522
241
157,674
111,948
19.932
56,660
777,946
947,339
125,958
117.958
1,884,877 1 ,668,940
40,674 def.1,963
611,717
277,236
30,729
16,136
363,653
307,735
294,403
587,998
def.7,236 def.23,178

Adding income received from investment?, net in January, 1890.
were *317,589, against .*28 1.464 last year, and for seven mouths to
January 31
1,873, 863, against if 1,881.258.
,

t
;

.-f

on Kuoxville A Ohio.
After deducting proportions due roads operated on a percentage

Inclurti!iK results

basis, net \n January, 1 s90, were .f422,826, against !P365,312 in 1889;
for rte four months ending Jai!uary 31, 1890, were $2,362,878, against
§

21 wet days In January, 1890. against 6 in 1889.

311

senger trains, including twenty-two Pullman sleeping cars,
and seven thousand five hundred and forty-eight freight cars.
All main tracks on main lines, all main tracks on branch
lines, except 66.'i miles', and .54!i8 miles of side tracks, are laid
with steel rails, nearly all of which are 70 pounds to the yard.
On two sections of the line between Rjodhouse and Louisiana,
for an aggregate distance of about twelve and one-half miles,
a new Uxiation has been adopted an<l the work of con«truction
is now completed.
Nearly $400,000 has been expended on
that work, from an appropriation made for that purjiose ia
1887.
On the new Uno the maximum grade is about forty
feet per mile, with easy curves, in place of maximum grades
of greater length, at the rate of sixty-four feet jjer mile, with,
curves of short radius. The new line is three-tenths of a mile
shorter than the old one. This improvement obviates the
necessity of "helping engines" on that part of the railroad and
reduces ojierating expenses.
The statistics of traffic, earnings, income, &c., have been
compiled for four years for the Chronicle, as follows:
OI'ERATIONS AND KlgCAt, RESULrS.
Operallona—
1886.
1887.
1P88.
IHHP.
Pasjingers carried.
1.735,549
1,765,196
1,830.535
1,717,679
Pngseugermlleaco.. 114.250,157 120,001,687 118,007,585 104,000,10»
Ratep. pass. p. mile. 2 022 cte.
2 062 etc
2133 etc.
1 882 ct«.
Freighl(ton»)moved 3,651,100
4,123,120
3,78.'',160
3,401,391
Freight (tons) niH'g'5C0,824,279 641.651.562 533,866,327 537.3l'l,928
Av. rate p. ton p. in. 0-901 cts.
0-946 ots.
0-918 ct«.
0-318 eta.
Earn'nQ»—
$
$
$
$
Passenger
2,311,041
2,474,154
2,221.005
2,218,70*
Freight
5,392,059
6,070,639
4,901,248
4,932,297
Mall, 6xiireae,&c..
357,539
350,693
389,212
305,617
.

Tot. gross earns.

—

8,060,639

Operai'f/ expetiset

Maint. of way,

Ac

.

Maintenance of oars
Motive powtir
Transp'u expenses..
Total

(Inc.

taxes)

Ntt earnings
P.c.of op.exp.toeain
*

Dcea

n-jt

8,941,386

Chiciigo

&

.\ltoii Kiii:r.)a<l.

CFor the year ending December 31, 1889.^
The remarks of Mr. T. B. Blackstone, the President, in his
annual report, are very full this year, and touch upon subjects of gi-eat importance to railroads in general.
Extended
extracts from these remarks will be fotind on a subsequent
page.

The annual report states that a fraction more than onefourth of the gross earnings from freight traffic during tht
last year was derived from tlie trausiwrtation of farm products
shipped at local stations. The average yearly gross earning;
from such shipments compared with the gross earnings from
traffic of all kinds during the last nine yeais is found to b(
13'032 per cent. The percentage in 1889 is aix)ut 33^ per cent mort
than the average for the period of nine years. The increase
during the last year in gross earnings from transportation oi
farm products is mainly due to an increased amount of whea'
and corn shipped during that year, compared with such ship
ments in 1888. The amount of wheat was 16 per cent an<
the amount of corn 6.5 per cent greater than in 1888. Shipments of corii last year were however only 10 per cent greate
than the average of the last seven years.
r Tile rolling stock consists of two hundred and twenty- eigh:
locomotives, one hundred and fifty-three cars for use in pas

7,516,61T

$

$

$

1,235,217

1.176,955

1,599,543
662,367
l,420,2r8
1,588,025

1,163,158
519,666
1,358.176
l,f 30,739

4,650,955
3,409,084
57-70

5,270,203
3,671,183
58-94

4,668,0E5
2,843,380
62-14

480.907
1,35.'^,552

410,704
1,391,091
1,631,073

4,571,738
2,944,881
60-82.

include company's freight.

INCOME ACCOUNT
1886.

Rtceiph—

$

1887.
*

Set earniiigs
Otherreceipta

3,10i',684

3,(>71,183

282,654

269,239

3,692,338

3,940,4i:2

Total

9

Diibursementt—
Rentals paid...
Construe, equip., Ac.
[nteiest on debt
Dividends.

1,407,224

MlsceUaneous

102,116

Total dishureem'ts.

Balance

1888.

710,608
657,444
831,031
1,407,644
92,672

3,301,632
3,699,399
390,706 sur.241,023

siu:.

1889'*

$

«

2,843,380
273,252

2,944,881-

116,632

3,218,75ft

f,

$

701.777
254,134
836,381

$
665,155
531,542
825,658
1,407.608
106,924

273,87*

$

669,478
159,810
823,495
1,40,712.
38,059

3,098,554
3.537,187
df.420,555 8Ur.l20,202

Northern Central Raihray.
December 31 1889. J

("For the year ending

,

The annual report states that in comparison with the year
1888 there was a decrease in gross earnings of $183,437, equal
to 8-1,5 per cent, and an increase in expenses of §33,026, or 0-78
per cent, resulting in a decrease of net earnings of $165,464, or
7-84 per cent.
The tonnage of the main line of the Northern Central Railway increased 741,779 tons, with an increase in earnings ol
$159,699.

The aggregate movement of bituminous coal on the whole
system was 1,722,499 tons a decrease of 116,409 tons, and of

—

tons— a decrease of 439,666
amounted to 4,646,815 tons,

anthracite coal 2,924,316

tons.

The

as against
tonnage of both classes
5,202,890 for the preceding year, being a decrease of 556,075^
tons in the actual aggregate of coal transported, irrespective
of the number of divisions over which it was moved.
The main items of tonnage, besides coal and grain, were
lumber, iron ore, manufactures of iron and petroleum.
at the elevators at Canton as
the previous year was: 1889, 8,757,334
bushels,
an increase of 5,093,769
3,664,565

The amount of grain received

ANNUAL REPORTS.

7,511,465

$
1,337,541

compai-ed

busheU;

with
1888,

—

bushels.
It will be noted that while there was a slight falling oflE in
gross earnings and also an increase in the expenses, the total
net receipts from all sources were slightly in excess of those
for 1888. While there was an increase in the volume both of
the freight and passenger trafSc, there was a continued reduction in the rate \)er ton and per passenger per mile, and while
the reduction in the cost of the movement of the freight
nearly offset the decrease in the rate, the profit on the

passenger traffic was furtlier reduced by the increased expenses in connection therewith.
The total charges to capital accomit for the year^were
$259,843 65, made up as follows;— Equipment, $176,425; real
Tlie charge to
estate, $31,688, and construction, $51,730.
equipment covered the cost of 250 iwx cars, the delivery of
\vhich was completed during the year; that to real estate, the
cost of property purchased in Baftimore, .Sunbury and other
points upon the line; tliat to construction, the cost of completing the extensions of the piers, sheds and bulkheads at
Canton and the widening and rebiulding of the North Avenue
Bridge at Baltimore.
The entire expenditure required to repair the loss by the floods
of June, 1889, amounted to the close of the year to §2a4,.5»4,
which, in view of its unusual and extraordinary character,
has been charged to the profit and loss account.

THE CHRONICLE.

812

Of the Baltimore & Potomac new consolidated mortgage
bonds, there have been set aside $4,500,000 to meet the existing
first mortgage debt, and $3,000,000 applied to the extinguishment of the income bonds and accrued interest thereon.
This leaves $2,500,000 in the treasury of the company for its
future uses.
Reference was made in the last report to the pending settlement by arbitration of certain questions growmg out of the
joint endorsement by the company, in connection with the
Pennsylvania and Philadelphia & Erie railroad companies,
of the bonds of the Allegheny Valley Railroad Company held
by the Commonwealth of Pennsylvania. Tlie arbitrator sustained the position taken by the Nor. Central, and the sum due
by the company up to January 1, 1889, $183,569, has been
paid and charged to profit and loss account, and the proportion of the amount accruing for the year 1889, $66,666, has
been charged to the income account of the year.
1 he comparative statistics for four years have been compiled for the Chronicle as follows, incl'^^ding in 1887, 1988
and 1889 the Summit Branch Railroad and the Sodus Bay
Southern Railroad
OPBRXTIONS XKO FISCAL BESULTB.

&

3

0]>erati(nti

886.

323

Koart oporafed...

—

Passoiip'searirdNo
3,409,«49
Pass, cai'd ore mile. 3y,l<)7,6l7
Ra'c p. pass, p mil •. 2-309 cts.

1887.

1«8?.

377

377

3,734,19.')

44,(20,606

2296

cts.

J

889.

b77

3,957.154
47,«40,515
2 235 cts.
14.014,275

4,227,120
SO.OJiS.gea

2-200

cts.

14,lii4,i82
Frelglit(tor8)e-ariled 11,5(;6,000 1.3,269 561
Fr <'l (ton- ) one mile.61 8.029,0 54 705,24 1 ,815 709,3.=.0.892 7 15,771,293
Batep. tonp. mile.. 0-700 cts.
0-639 cts.
0666 cts.
62jcts

Ei'rnivgs—
Passengers

9

9

MalI.exp. &ml-icell..

881.969
4,117,089
442,559

Gross earnings
Operating expenses..

Netearulngs

r'rcl.sht

9

9

l,f'20,O38

49:!,614

1,064,862
4,534,800
b03,?32

3,542,6ti8

6.212,926
4,139,442

4,<i93,573

1,931,949

2,07.',484

2,109,821

5,474,617

4,700,274

Seeeipit—

$

Netearalua
Total Income
IHsbursctnenfg—
R'nt'is 1'8'd lines.

2,209,207

1,914,356

$
446,997
003,041
520,000

&o*

Interest on debit

Dividends
Kate of dividend
Miscellaneous
Tot. disbursements.
Bala nce, surplus. ..

t

2,'09,S21
307,628

1,914,813

294,484

503,372

2,417,419

$

8
44,775

1869.
$
1,941,356

$

2,324,609

2,447,728

$

460,819
902 910
545,946

470.706
926,505
671,868

8

8

$

461870
931,481
571,975

79,495

1,957,872
366,737

2,048,672
368,776

2,

1889.
$5,312,810 $.5,464,952
1,642.008
1,712.410
713,806
869,213

$7,983,419

$7,688,654 $8,046,603

Miscellaneous
Total earnings
ErpeitgeH for

—

R.adway.
Bnilg,

8

$1,228,836
277,398
744.537

ani buUdlngs

Eollli.R stuck

Trarsportatiou
Contingent

2,'.73,914

131,901

285 ,432

<'*^^»'^ral

$1,198,992
207,512
771,231
2,501.208
lOP.oia
316,672

$9fi9,451

188,162
707,647
2,455,768
106,826
2S6,3j9

Total expenses
$4,742,048 $5,104,681 $4,714,193
Net earnings
$3,241,370 $-2,563,972 $3,332,410
Fcrceiitof expenfea toearn'gs.
59-40
66-57
58 59
I.SCOME ACCOUNT.
1887.
1888.
.«, »
1889.
,
Net.earDtngs.
•*3,2S3,369 $2,5c3,972 $3,332,410

Imen-Bt on bonds....
UiMd-nd on preferred stock
T«x.8 and Insurance
Bettvru-euts
Miscellaneous

^•"^

$1,405,775 $1,492,615 $1,654,675
*'"'•'
^'^•^
1,182,500
29.5 '23
i90,933
3J5',560
326",o"68
2.50,524
240,906
210 000
16,609
40,551
52,434
$3,146,341 $2,115,247 $2,267,177
$137,028
$148,726 t$l,065,233

fl^"*

•Includes $41,997 o-.ber receipts. 1 From the
s-arplus o; xiSJ
oaii-iuso.
1389 I'd
1%
Jieroout-Vfaspaldonpref. stock Feb., 1890.
St.

Louis

& San

Francisco Railway.
December 81, 1889.
The pamphlet report wiU not be issued for some time
to
come, but the Chronicle has been furnished with the
figures
for the year, which are given below, in comparison
witli
"u iJie
nreTious years
/'For the year ending

:

INCOMB ACCOCNT.
18|S.

1887.

1888.

Groiiseamlugs
Operating eipenseg

4,874,628
2,222,2 96

6,229,344
2,981,807

5.773,2.51

Net earnings
Other receipts
Total net income
.

2,652,332
159,619
2 8U,9.^1

3,247!477

~2a09",441

190.3.32

nhl6|542

<

4<7,

-

J '

ISSO.
6 03? 931
3;4;io;219

3,053,810

3ir25;9^

;

New

Torlc

fFor

Snsquehanna

the year ending

The following income account

& Western
December
is

Railroad.

31, 1889.J

obtained in advaace of the

annual report:
ISCOMB ACCOrNT.
1886.

Gross earnings
Operating txpenses.

1,395,186
762,139

1,445,900
821.990

1,402,466
818,894

491,779
44,023

633.017
27,159

623.910
25,828

633.572
33,527

535,802

6C0,206

649,738

617,100

327,765
2a,500
155,919
34,493

441,120
26,4f4

441,120
26,497

441,120
26,491

35.435
2,941

28,000
2,699

32,135
12,955

547,677

505,610
154,696

408,318
151,420

512,701
104,399

& Texas

Railway.

Net earnings..
Olht-r income.

Total

DMursemenle—
Interest on bunds

Rentals

Car trust obligations
Taxes
Miscellaneous
Total disbursements.
Balance, surplus

Louisville

1839.

1833.

1887.

1,129,441
637,662

deMl,875

New

Orleans

("For the year ending

Eoad operated, miles
Gro'=s earnings

OperAtlng expenses

Net earnings

1888
515

1889.

$2.4-J4,333

1,781,892

$3,030,916
1,990,153

$£52,141

$1,040,468

$64,684
35,416
7,137
445,600
3,931

$67,504
24,164
4,337
500,980
5,602

651

Deducts
Taxes
Misee'laneous expenses
Rentals
Interest on bonded debt
Interest on other debt

$'02,637
$137,819

Lehigh & Wilkes-Barre Coal Company.
the year ending December 31, 1889.^
The annual statements show the operations of this company
for the years 1888 and 1889 as follows:

Prolnctlon of coal, Wyoming Div
do
do
Honej- Brook Dlv

Purchased

1,677,2«4
533,983

$5,77.',172

;

;

fFor

:

.

7 percent on 1st pref. In 1836 7 on Ist pref. and 2is on pref. In
7 on Ist pret and 5 on pref. In 1838 5^1 on Ist pref. and 3 on

1887

pref. In 1889.

6;,355
18 '.,673

in comparison with previous years, as follows
EARNINGS AND I1XPKNSE8.
Earnings from—
18S7.
1888.
t

652,908

293,828

Denver & Bio Grande Railway.
CFor the year ending D;:;n'yi,- 31, Hi). I
In advance of the pamphlet report, the Chronicle has been
furnished with the following figures for 1889, which are given

Fr^tg'

3,197,157
2,933,696
28.826 def.276,988

2,784,901

8

48,196

Inc'udes rent or roads and Interest on tbelr equipment,
iLoIudes car trusts,

Passinger

f

2,271,297
540,054

. .

188?.
$2,304,165
517,500
62,031

December 31, 1889.^
6,069,056
The following figures have been issued in advance of the
4,125,600
pamphlet report

1888.

2,0'3,4S4
251.125

1883.
1886.
1887,
$1,930,323 $2,219,901 $2,-'8.;,157
315,000
815,000
565,000
5,974

Total dlsbursem'ts
Biilance, surplus.

468,930

6,203,394

$

1.9!1,919
277,H43

Otlier receipts

*

1887.

—

DisbitrsemenU
tnt..Blnk.fd.& rents
Dividends!
Miscellaneous

1,101,722
4,499,304

INCOMB ACCOUNT.
1886.

Vol. L.

2 622 7^
3399;?
'

a.faSa,?'^;;

* Marts lip as follows: Intere't and div'dends,
$524,845; sale of gen
more, bonus, $15l-,0i;u; prollt on secuniics sold, $4j2;697;

Total

18?8.
Tons.
2,203,660
411,725

1889.
Tone.
1,809,154
466,898

2,67.b,38fl

19,546

2,276,052
207,833

2,694,932

2,683,885

In addition to the above, 813,893 tons of coal were mined in
1888 and 739,521 tons in 1889 from the comjiany's properties

by other

parties,

under

leases.

1888

The receipts from sale,?of coal were
And from other sources

$9,563,866

18S9

3-*6,769

$8,273,981
350,870

Minng,ta?es, transportation, Ac

$9,950,636
7,9d4,114

$8,634,851
7,133,659

Net earnings
Fixed interest on debt, and sinking fund

$1,986,521
985,306

$1,446.19J

Ba'ance,.
$1 001,215
Interest unoonsolldatt d seven per cent boids. $423,1 2 >
Interest on "B" seven per cent income bunds.
164,710

$312,950
$428,120

Total

luteiest

on bills payable

t«33,242

55,36J

40,073

Total

$'348,199

Surplus

$ 53,015

$168,193
$14,750

GENERAL INVESTMENT NEWS.
Alabama Midland.—This railway has been completed and
opened for traffic. The road runs' from Bainbridge, Qa., to
Montgomery, Ala., 175 miles, with an extension of 34 miles
to Luveme; total 209 miles.
Bainbridge is the western terminus of the Savannah Florida & Western, with which road
road the Midland has close traffic connections, thus ensuring
an outlet to the seaboard at Savannah and Brunswick. The
same parties that built the Alabama Midland are building the
Montgomery Tuscaloosa & Memphis Railway to Memphis,
passing through coal and iron fields of Alabama, thus forming
i new trunk line from Kansas City via Memphis.
Atlantic Coast Line.—At Richmond, Va., Feb. 25. an important railroad bill was submitted to the Virginia Legislature.
It authorizes the following companies, or any two or
:no]-e of them, to merge and consolidate their rights, property
ind franchises Into one company under the name of the Atlantic Coast Railway Company The Alexandria & Fredericksmrg. the Richmond Fredericksburg & Potomac, the Richmond & Petersbuig Connecting Company, the Richmond &
:

March

1,

THE CHRONICLE.

1880. j

Petersburg, the Farmville & Powhatan, the Petersburg, tlio
Meherrin Valley and the Wilmington & Weldon. The bill
provides that that the company shall have its chief offices in
the State of Virginia. It is authorized, with the consent of a
majority of the stockholders at a general or special meeting,
to consolidate the indebtedness of the several companie.i, or
for.paying off the said indebtedness for raLsing such sums of
money as may be needed from time to time.

Boston Concord & Montreal.— A dispatch from Concord,
N. H., says that a special meeting of stookiiolders voted to
authorize the issue of $5,500,000 4 per cent bonds, to be ai)i)li('d
1. To refunding the outstanding
tor the following purposes
mortgage indebtedness of the Boston Concord & Montreal
Kailroad. 3. To funding the outstanding floating indebtednessof the corporation and that assumed by it from the corporations which united to form it. 3. In their discretion to
making improvements upon and additions to the property of
the corporations, and purchasing side or branch lines of the
corporation or the capital stocks thereof, so far as said process
may be sufficient for said purposes, after providing for refunding and funding the indebtedness mentioned above.
:

Boston
there

—

Reports from Boston say that
doubt of an agreement on the question of the
Maine and Eastern consolidation. Taking round

&

numbers the new

provides that for the purposes of concompany shall have a capital stock of §16,bill

solidation tlie new
500,000, distributed as follows:
Por'smouth Great Falls & Conway..

$1,000,000
.>, 000.000

EHSterD, comiuoi:
liOKton

& Mulne

Eastem,

7,000,0i

iirefcrred

3,500,000
$lti,500,000

Total

&

The bill provides that the Boston
Maine Road may issue,
in the first place $9,500,000 more of stock for the purpose of
buying up tne Eastern Road. This stock it may sell by auction and use the proceeds for the purchase, or it may make an
exchange of stock on such basis as may hereafter be arrived
at.
The proposed §5,000,000 increase of stock is wholly independent of the other increase, and may be made whether the
consolidation is consummated or not. Of this $5,000,000, S2,000,000 is to be used for paying off the floating debt and $3,000,000 for the permanent improvements proposed for the
future.

—

Called Bonds. The following bonds have been called for
payment:
WEST Jersey & Atlantc RR.— First mortgage 6 per cent
bonds, dated 1880, due September 1, 1910, to be paid at par,
with accrued interest, by the Fidelity Insurance Trust &
Safe Deposit Co., of Philadelphia, on March 22, 1890, on
which date they will cease to bear interest, 25 bonds of ?1,000
each, viz.
Nob. 20, 21, 33, 48. 50, 51, 60, 74. 101, 116, 139, 182, 195, 233,
276, 297, 30f, 328, 334, 391, 392, 400, 401, 414, 432.

—

Columbns Shawnee & Hocking, This company is the
Eastern and the Shawnee
successor to the Columbus
Muskingum River, the securities of the latter companies having been retired by an exchange for those of the new company. The capitalization is §6,oi00,000 stock, half being preferred, and $5,000,000 fifty-year 5 per cent bonds. Of the latter, $1,500,000 can only be issued for new road or equipment
by vote of the stockholders. By June 1 the company will
have completed a connection, 14 miles in length, between
Redfield and Hinkle.

&

Consolidation Coal

&

Company (Md.).—The annual meeting

of stockholders was held last week in Baltiraore and Mr.
Chas. F. Mayer, of the Baltimore
Ohio Railroad, was reelected President. The annual report shows that the gross
receipts from mines, railroads, rents and other items, including the value of the stock of coal on hand, w«s $3,339,645 at
the close of the year 1889. The total expenses of every kind,
exclusive of interest and sinking fund and including four
hundred tons of heavy steel rails, were $1,931,658, leaving net receipts of $407,996.
The interest paid on
the funded debt for the jear was $133,301 and $20,balance
000
was put
in
the
sinking fund.
The
to the credit of profit and loss December 31 was $354,694, and
the dividend of $2 a share payable January 31 last amounted
to $205,000. The funded debt on January 1 was $3,203,500.
Within the year the company mined and delivered 871,463
tons of coal, a decrease of 151,886 tons from the record of
The number of tons transported on all its railroads was
1888.
1,991,483, a decrease of 443,365.
President Mayer remarks
;that the " steam coal trade of the Atlantic seaboard for 1889
has not been in so healthy a condition as in previous years,
excessive competition in two of the younger regions occasion-

&

ing low

prices."'

Fort MadLson

&

Northwestern.

—A dispatch from Burling-

says: " W. T. Block, cf Chicago, who purchased at
foreclosure the Fort Madison narrow gauge railrcad in the
interests of the Iowa
Nebraska Company, says the intention
-in case the sale is confirmed is to broaden the gauge and extend the road to Ottumwa, Iowa, where connections with the
•wheat fields of Dakota will be secured,"
ton,

la.,

&

—

Georgia Carolina & Nortliern. The section between Chesand Broad River, 33 miles, has been opened for traflic.
Sixty-seven miles of the road, from Monroe, N. C, to the
Broad River, is now being operated.
Great Falls & Canada.— The contract for building this lino
Las been let to Donald Grant & Co., of Faribault, Minn., and
ter

-.

proposed to begin grading early in the spring. The road
from Great Falls, Mont., on the Great Northern
line, north to Letlibridge, Alberta, on the line of the Northwestern Coal & Navigation Co., about 225 miles. The owners
of the latter company are the projectors of the Great Falls &
Canada. The Northwestern Coal & Navigation Co. owns extensive coal lands in Alberta, and it expects a large demand
for coal in Montana, which wdl be transjxjrted over the Great
Falls & Canada to Montana towns and mines. Sir Alexander
Gait, of Wiimipeg, is President.
It is
is

to extend

Kiinawha & Ohio.— Mr. Erwin Davis gives notice that ia
meeting of the bond and stock holders will be held at 2 Wall
Street on March 8, for the purpose of apiiointing a committee
to protect the interests of all classes of seourit^'-holdfrB imperiled by the existing foreclosure proceedmgs, and to
endeavor, if possible, to arrange for the future oiwration of
the property by the Chesapeake & Ohio Railway Company.
Kellhsbnrg Bridge (lon-a Central).— A meeting of the first
mortgage bondholders of the Keithsburg Bridge Company
will be held on the 4th of March, at the office of the Central
Trust Company, No. 54 Wall Street, to determine upon a plan
for settlement of the Bridge controversy.

little

is

Boston

& Maine— Eastern

313

LonlsTiile & Nashville.—This company has completed the
purchase of the Anniston & Atlantic and the Anniston & Cincinnati railroads, in Alabama, and will make extensions
giving them an entry into the celebrated " Hot Blast " region
of that State. The Anniston & Atlantic runs from Anniston to
Sylacauga, 53 miies. From that city connection is to be made
with the Shelby Iron Company's road, also secured, and
which runs to Columbiana; from rhe latter point an ezteneion
is projected to the Louisville & Nashville main line, somewhere near Calera. The Anniston & Cincinnati runs north
from Anniston to Attala,
36 miles,
where it joins
the Alabama Great Southern. The addition to the L.
N. bv
the acquisition of these roads, with extensions proposed,
will be about 130 miles.

&

—

Manhattan Elevated. The stockholders of the Metropolitan
and of the Manliattan Elevated railway companies, at special
meetings on Wednesday, voted to approve the new 4 per cent
consolidated mortgage of $40,000,000 of the Manhattan Company. The Metropolitan meeting was merely formal. At the
meeting of the Manhattan stockholders the vote cast was
216,920 shares out of 260,000 shares; there was no opposition.
The Manhattan 4 per cent certificates for $1,905,035 were issued to pay $1,560,000 in stock divic'ends and $3-15,035 in
settlement of land damages. These certificates and the $1,000,000 debenture bonds of the New York Elevated can be redeemed
in the new bonds at once.
The $8,500,000 New York Elevated first mortgage bonds are not due until 1906, but they
may be redeemed in 1896 at 105. The first and second mortgages of the Metropolitan Road are not due imtil July 10, 1908,
and November 1, 1899, respectively. The new consolidated
mortgage i-i to run 100 years, and it permits fm-ther issues beyond §40.000,000, at the rate of $600,000 per mile of double
track or $300,000 per mile of single track, in case the Manhattan Company should decide to make extensions of its system,
or be requested to do so.
Vice-President GaUaway said: "We have already marketed
$11,000,000 of the new bonds, and the proceeds of this issue
will be used for the cited purposes, outside of the refunding
of the existing debt. The expenditure for new equipment will
be about $1,000,000.
There wUl bo expended $600,000 to
$700,000 in strengthening the Ninth Avenue line, so as to enable the running of trains of five cars, and thereby facilitating
the traffic on that line.
The expenditures for future equipment, the real estate purchases wc need to make uptown to
increase our terminal facilities and the pavment of land damages are, of course, an uncertain item. Tne property cases in
Fifty-third Street, Division, Amity and Allen streets are nearly
aU settled, as are also a large proportion of the cases in the
lower portion of Greenwich street.

Mo. Kansas & Texas— International & Great Northern.—
At auction this week there was a sale of 97,284 out of the

&

Great
97,550 shares of capital stock of the International
Northern Railroad, to Jay Gould, for $872,377 79. The Mercantile Trust Company held the amotmt in trust as collateral
for Mo. Pacific advances, and Mr. Gould's purchase was a
formal one to protect the title of the Slissouri Pacific Company. It is said that while Mr. Gould's purchase was intended to strengthen the title of the Missouri Pacific, it was
also necessary to carry out the compromise by which the reTexas is to be effected
organization of the Missouri Kansss
by the Central Trust Company or Olcott Committee. That
agreement proviles for the holding of the Inte.-national
Great Northern stock jointly by the Missom-i Pacific and the
Missouri Kansas
Texas, and the control is to be vested in
Mr. F. P. Olcott, who will hold 1,000 shares. Application for
a decree of sale of the Int^piational imder the second mortgage is now pending in the Texas courts and a decision is ex-

&

&

&

pected daily.
The Central Trust Company has received on deposit all but
about $1,000,000 of the M. K. &T. o and 6 per cent bonds.
National Linseed Oil Trnst.— It is officially announced that
the plan of reorganization of the National Linseed Od Trust,
submitted by the trustees on February 1, 1890, has been approved by a majority of the certificate holders, and the plan
will be carried out as expeditiously as the necessary legal
steps permit.

THE CHRONICLE.

314

New York Slock Exchange.—New Secnrilles Listed.— The
tjoveming Committee of the Stock Exchange have listed the
following securities
RicuMOND & Danville Railroad Compakv's addilloEal issue of
equipmcut alnklng faud 58, $593,'I00, making total amount listed
91,01)3,000.

Cleveland Cincinkati Chicago &
Cairo Division

flrst

mortgage

4s,

St.

Louis Railway Company's

$4,650,000.

Central & South Aubrican Telegraph Company's
tsaueof capital stock, $^01,400, to be added to the

making the total amount lietcd $4,808,000.
South & North Alabama Railroad

•nortgage

5a,

S

on

MmcU

17,

Company's consolidated

&

guaranteed by the Louisville

Company, $2,971,000.
Wisconsin Central Comi-ant's

list

additional

[Vol. L.

Pittshni'g Aliron & Western.- Cleveland & Western.—
Messrs. W. V. McCracken, of New York, and
Semple,
of Allegheny. Pa., have taken the contract for the construction of this road. The line will extend from Akron, Ohio,
westerly, through Medina, Spencer and Plymouth, to Carey, a
distance of 110 miles. The contract also provides for the
widening of the gauge to standard of the Cleveland
Western, which extends from Carey to Delphos 55 miles.
"The
two lines will be consolidated, and a mortgage issued on the
165 mUes at the rate of $22,000 a mile. At Akron connection
will be made with the Pittsburg
Western.

Wm.

&

&

Nashville Railroad

additional issue of

flrst

mortgage

per cent trnst bonds, $4HG,0Oi,', making total ai:ount listed.
'$9,987,000; additional issue of Incotiic bonds, $903,000, making total
amount listed, $T,400,000; and additional issue of preferred stock,
-$372,596, making total amount listed $3,090,000.

PnTSBDBO YOUNGSTOWN & ASHTADCLA RAILROAD COMPANY'S

—

Railroads in Massachusetts. The following reports for the
quarter ending Dec. 31, 1889, have been filed with tlie Massachusetts Railroad Commissioners:

Kew London
Gross earnings
Operating expenses...

additional issue of first conFolldated mortgage five per cent bonds,
j8'237.0OO, makinj; total amount listed $11,562,000.

NORFOLK & Western Railroad Company's Ave per

cent 100-year

gold bonds, $5,000,000.
Atchison Topeka & Santa Fe Railroad Company's 100-year genmortgage four per cent gold bonds $119,636,47(', and 100-year
Income mortgage five per cent gold bonds. $76,u0O,0UO. The Committee on Stock List is empowered to add such amoiiut to the generals,
aiot exceeding $150,000,000, and of the Incomes not exccedlug $S0,©OO.uOO, as notice may be received of issuance In exchange for bonds
surrendered under the plan of reorganization. All old bonds of the
Atchison system are to be stricken from the list on Feb. 27.

•«ral

—

North & Sonth of Illinois— St. Lonis & Chicago. Tlie
N. & S. of 111. has been organized as the successor of the St.
liouis & Chicago, recently sold at foreclosure. The line extends from Springfield, 111., to Litchfield and the Mount Olive
coal fields, 50 miles. Firet mortgage 5 per cent 50 year bonds
have been authorized to the amount of $600,000.

—

Northern Faciflc. Tlie Smji in its money article has given
the following particulars about the negotiation of bonds.
These matters are not definitely confirmed to the Chronicle
reporter at the company's office, but are believed to be substantially correct
"A few weeks ago Mr. Villard sold to tlie
Deutsche Bank of Berlin for account of the Northern Pacific
ItaUway Comi)any $3,000,000 of those bonds at 87, and gave an
option on an equal amount at 88. No one doubts but that the
will avail itself of the option.

regarding

a

large
block
well advanced.

of

Another negotiation
bonds
is,
we

the

^inderstand,
That block
includes a
part of the bonds secured by the Oregon
Trans-Continental Company by Mr. Villard, and by his associates, upon their
subscriptions as the lai-gest stockliolders in the company to
the $13,000,000 of bonds offered pro rata to the shareliolders.
It is understood that the interests referred to, in addition to
availing themselves of their subscriptions, purchased large
amounts of the rights and secured bonds upon them. The
negotiation covering these bonds is on the basis of 923^
The
proceeds of the $19,000,000 of bonds refeiTed to will be
applied to the liquidation of the floating debt of the company,
^ne funding of minor obligations, and to improvements and
additions to the property. The most extensive work that the
-company has on hand is the development of terminal facilities
and the building of shops at Tacoma. At vesterday's meeting
of the directors an additional issue of the bonds was authorized to take up the outstanding first mortgage bonds of the
Oregon
Trans-Continental Co., which can be retired at 105
upon any interest date, provided thirty days' notice is
given.
It is understood that it is Mr. Villard's intention
to retire those bonds at once, the next interest date beintr
'=

&

&

May

1."

[The bonds last named as authorized to take up O. T. bonds
on branch railroads are for the purpose of retiring the first
seven issues named in Article III. of the mortgage, as published in the Chronicle of February 23d on page
280.]
Oliio Indiana & Western— Peoria & Eastern
Indianapolis, Ind., Febi-uary 20, the O. I.
W. was sold under a
recent order of Judge Gresham. The .sale was a matter
of

—At

&

form and everybody understood that the committee would
buy the road in, and this was done on the bid of Samuel
Spencer, representing the reorganization committee.

His bid
was at the lowest figure provided in the order,
000 000
The new company was organized on the 32d under$3the
name

r^estern. The capitalization is $10,000,000 stock.
«in ^Tnn?
mortgage 50-year 4 per cent bonds and
II nS finn second
^''^K
?4,000,000
mortgage 100-year 4 per cent non-cumulative income bonds. The new securities will be
ready
April
and will be issued in accordance with the plan. (See in
Chronicle, issue of November 9th). The road now forms
part of the
^
""Big Four" system.

and net earnings for January,
iQ£f""^^i'jo"«"'*-~''^''\^'<'^
1889 and 1890, were as below stated. On the lines west of
Pitted
tmrg and Erie the net result, after payment of interest
and all
charges, is shown in the second table
:

$50,.57l

2,602

$35,657
4.390

$53,173
53,658

40,047
31,374

Net earnings
Total Income

and taxes

Balance

dtf.

$485

missioners:

^Lake Shore A Mieh.
1888.

Gross earnings
$4,680,878
Operating expenses 2,872,753

Net earnings.

—

So.-^

1889.

$5,495.5%9

N.]T. Ont.
1888.

$102,448
345,848

3, .-,91,316

arois Earnings
1889.
1890.
$4,528,746
$5,142,311

.

•January

January

.

.

\et Eamingt
1889.
1890
$1,0=0,796
$1,306,046

likes west of PITTSBURG AND ERIE.
Xet surplus or deficit afterpayment of charges.
1889.
1890.
Diff. in 18S0
8ur. $54,301
8ur.
$173,968
Gain. $i; 9,667

d

West.

—

1889.

$469,605
381,281

$1,808,125
99,674

$1,904,273
146,641

$56,600.
608

$88,324

Total income... $1,907,799
Taxes.lnt. & rent'Is 1,112,332

$2,050,914
1,137,903

$57,208
72,722

$88,824
71,087

Otherlncome....

Balance.surplus

$795,467

$913,011

def.

Long Island
1888.

$15,514
$17,237
^Cenl. X. E. d W.-~

,

1889.

1889.

Grossearnings
Operating expenses

$737,123
487,844

$759,953
516,763

$122,819
100,794

Net earnings

$249,279
20,155

$2 43,190
7,433

$22,025
6.950

...$269,431
186,934

$2fS0,623

$28,975

Other income
Total income

Interest, rental, taxes, &c..

Balance, surplus

175,064

$82,500

$75,559

Richmond & Alleghany.—The new

securities are expected
issue

from the engravers next week, and will be ready for
during March, as it wiU take some time to sign them.

Lonis Arkansas Ik Texas.— The Central Trust Company
received en deposit to date $11,225,000 of the firsts,
$8,586,000 of the seconds and $7,000,000 of stock.
conference of the two opposing committees will be held on Monday
next.
St.

has

A

—

Lake Shore & Eastern. A dispatch from Spokane
Wash., says: "A railroad flght is being waged in the
courts of this city. The prize is the Seattle Lake Shore &
Eastern Railway, and the contestants are the Northei-n Pacific,
Great Northern, Canadian Pacific, and, in a measure, the
Seal tie

Falls,

Union

Pacific."

In regard to this the officials of the Seattle in New York say
the line is not for sale. It will be completed through from
Seattle to the connection with the Canadian Pacific Railroad during the summer, and it is claimed will shorten
the distance 300 miles between Chicago and points on Puget
Sound.
"Wisconsin Central

—The

Boston Transcript says that the

original Wisconsin Central Railroad

is

restored to

holders by a decree signed by Judge Gresham

its

stock-

last 'Tuesday.

This is the end of the long-continued HoUister litigation
against the trustees, begun in 1875.
Wisconsin Central stock
(of the old company) has been held in trust by Messrs. Stewart
and Abbot. The HoUister suit was a suit in equity respecting
the position of certain securities held by liim in the reorganization of the bankrupt property, and the matter was complicated by numerous cross suits. The report on which the decree is made declares the trustees entitled to a decree in their
favor, ratifying the reorganization plan of 1879 and all of the
acts of the trustees in connection therewith and the delivery
by them of possession of the road to the Wisconsin Central
lUilroad Company November 1, 1889.
Attached to the master's report is a statement of receipts and disbursements
under the trusteeship (January 4, 1879, to November 1, 1889),
which may be condensed thus:
Gross earnings
Misccllimeous receipts

Land department

leoelpts,

$16,507,663
37,220

town

lots,

stumpage and min-

ing royalties

LINES east of PITTSBCRG AND ERIE.

$8,673

sur.

Railroads in New Torlc State.— The following reports for
the quarter ended December 31, 1888 and 1889, have been
filed at Albany with the New York State Railroad Com-

:

Bank

Cheshire'

$168,377
132,720

Otherlncome
Interest, rentals

Xo.

$146,602
96,031

1,670,694
18,761

Balance of interest

$18,234,338

Operating expenses and taxes
Rental-^ of roads, lei-mlnaU

and

rolling stock.

Land depar raent expenses.
Permanent lujprovements
Interest and sinking fund
Interest on bonds

$11,577,342
3,280,57«
771.799
406,995
401,343
1,(;09,268

18,047,323

Exoess receipts over disbursements...

$187,016

March

1,

THE CHRONICLE.

1890.]

%epavts nn& ^ocntatuts.

CHICAGO & ALTON RAILROAD.
REPORT OF PRESIDENT

T. B.

BLACK8T0SE.

GENERAL REMARKS.
The policy of the State and National governments in the
matter of constructing and ojierating railroads, to which we

315
who rule over us

intend to promote perpetual
between railroads; but what good results
are expected to be produced thereby is beyond our compre-

Evidently those

and ruinous

strife

hension.
Possibly some light may be thrown upon the railroad problem by referring to the salient features of the railroad history
of this country, to which we invite your attention.
In 1837, Illinois in its corporate capacity undertook to constHict about 1,300 miles of railroad, located so as to providd
for railroad transportation in nearly every county in tha
State, except such counties as were to bo provided with improved river and canal navigation. In the counties in which
no such improvement was to be located, $200,000 in cash waa.
distributed by the State.
Work was commenced simultaneously on each of the proposed railroads at their termini and at points where they were
About the same time the improveto cross navigable rivers.
ment of the navigation of the Kaskaskia, Illinois, Great and
Little Wabash, and Rock rivers, and the construction of the

have before called your attention, has been continued since
the date of our last annual report substantially unchanged.
The principal agencies employed by the States for the last
twenty veai-s are Railroad Commissioners, who are required
from time to time to fix reduced maximum rates, and speculating contractors, who have been, and are now, authorized to
construct railroads where they are not needed, and where
such roads can not possibly obtain traffic enough to supp<)rt
them. The object of the Government appears to be to clivide Illinois and Michigan Canal was also commenced.
These several works were prosecuted until $14,237,848 had
traffic between the older lines and those more recently constructed, and by the resulting excessive competition to reduce been expended, when the credit of the State had become exhausted, and all such work was discontinued. No part of the
rates for transportation.
The building of such railroads has caused the loss of many railroad system had been fully completed. But the road bemillions of dollars of capital inv&ted by the shareholders of tween Springfield and the Illinois River was so nearly comthe older railroads, which were built when and where they pleted that for several years it was used for traffic by substituting mules in place of locomotives.
were needed by the people, and not for speculative purposes.
In 1826, the General Government donated about 300,000
The remarkable course which the Government has pursued
in causing competing railroads to be constructed, and by im- acres of land to the State of Illinois to aid in the construction
posing what appears to us to be, in some cases, unnecessary of the Illinois and Michigan Canal, and when the State became
restrictions upon railway managers, can not be too often re- unable to borrow money on its credit without collateral secuferred to while it remains unchanged. We believe the people rity, it borrowed a sufficient sum to complete the canal by conhave pursued a mistaken policy, and that without much con- veying these, lands to tnistees as security for the repavment of
sideration as to the ultimate effect of their course they have the loan. The river improvements were never completed.
Illinois, with a population of only 478,929 according to the
been led on, step by step, until great injustice has been done,
and is now being done, in their name. We believe, also, that State census of 1840, struggled for a long time under the
the people are manly enough to consider what we may say in burden of its heavy debt, on which it was unable, for several
the friendly spirit in which it is offered, although the record to years, to pay the accruing interest. Its bonds were at one
which we may call their attention is not in all respects such as time worth in the market only 14 cents on the dollar, and
many of its active politicians advocated repudiation. It is
we can refer to with pleasure.
It has b« en suggested that the object of the State Govern- but just, however, to say that a majority of both political
raUi-oads
be
constructed,
has
causing
competing
to
parties
refused to entertain such suggestions.
ments in
After about ten years of bankruptcy, in which very little
been to secure reasonable rates for transportation. But a
moment's consideration must convince any person that the progress was made in the settlement and improvement of the
budding of new railroads can not be accounted for on that State, with a well-founded conviction that the construction of
theory. No railroad company has ever claimed the right to railroads was absolutely necessary to restore its credit and to
charge unreasonable rates, and in all cases of difference as to promote the prosperity of its inhabitants, and having learned
what is a reasonable rate the Government would, in the trial by experience that such roads could not be constructed by it
of such questions before juries, have great advantage over without the aid of private capital, it resolved to seek such aid.
The State then entered into contract (by special charter)
a railroad company, by reason of the popular prejudice
against such companies, without reversmg the common with several railroad corporations for the construction of such
rule of evidence, and requiring them, as is now done, railroads as were needed for its development.
Each railroad corporation undertook to provide the necesto prove their innocence of the charges made against
them. The Government can command all evidence that is sary capital and to construct a railroad between certain desigaccessible to the railroad company, and in that regard the nated points. The consideiation for which it undertook to
company does not have such advantage as it has sometimes build and operate the roads was the right to charge and colbeen supposed to have. It cannot be reasonably claimed that lect such reasonable compensation for transporting persons
the object of the Government is to reduce the actual cost of and property over them as it might by its officers decide to be
transportation, for it is evident to all that the effect of com- proper; subject, of course, to common-law rules, which propeting Unes (except under conditions which do not exist in hibit unjust discrimination.
this country) is necessarily increased actual cost.
After such contracts had been made, and the work of conFor about two years the General Government has co-oper- structing railroads had been commenced pursuant to their
ated with the State Governments by the employment of Com- terms, the financial credit of the State rapidly improved. The
missioners under the Act to regulate Commerce.
value of its lands and other property increased with wonderOne of the principal features of that Act is a prohibition of ful rapidity.
railroad
which
all agreements between
companies under
such
In all its agreements with contractors, the State had strictly
companies may peaceably share the benefit of com- kept faith with them, and when compelled to abandon the
petitive traffic. That Congress did not intend, when passing works we have referred to, it made settlements with them ia
the "Act to Regulate Commerce," to afford protection to rail- full, to their entire satisfaction; but in doing so, it in some
road companies against excessive competition, or to give them cases delivered to them its bonds instead of cash. Such delivthe right to insist that all charges shall be reasonable, and eries were, however, made pursuant to amended contracts,,
thereby afford to them, as well as the people, the equal pro- which called for such payments, and, although then worth,
tection of the laws, is evident from a careful reading of the only 7.5 cents on the doUar, the bonds were, by reason of the
Act; but lest that may be doubted, we will call your attention reduced cost of the work, at that time a satisfactory compento the following words used by Judge Cooley, speaking for the sation for it.
Inter-State Commerce Commission, in rendering a decision in
About 18.54, when the construction of the railroads underthe matter of the Chicago St. Paul & Kansas City Railroad the special charters referred to had, in some cases, been comCompany, in which that company claimed that it should have pleted, and in others was still in progress, and thereby confithe right to make such through rates as it might find neces- dence in the development of the resources and credit of the
sary to meet competition, without being compelled to scale State had become restored, the contractors whom the State
down its rates on local traffic so as to make such rates in fact had employed on its works, with whom it had years before
unreasonablj low.
made final settlement, presented claims based upon losses they
(Commissioners' Report for 1888) to wit:
had sustained after such settlements, by reason of having been
"The provision in the first section of the Act to Regulate under the necessity of selling the bonds which the State had
"Commerce, that, all charges made for any service rendered, delivered to them at a time when they were worth less on the
"'or to be rendered, in the transportation of passengers or market than when they had received them; or, in other words»
" 'property, or in connection therewith, or for the receiving, they claimed that they had suffered loss by reason of the State
" dehvering, storage, or handling of such property, shall be having failed to maintain its credit as high as it was when
" reasonable and just, and every unjust and unreasonable they finally settled with it for the work they had done. No
"'charge for such service is prohibited, and declared to be one pretended that the State was under any legal obligation
" unlawful,' does not render rates that are unreasonably low to recognize such claims; but the claims were recognized, and
" illegal in a sense that will authorize the Commission to pro- many thousands of dollars were paid to the contractors, and.
" hibit their being made.
to the heirs of such of them a* were then dead.
" The Commission has no power to order rates increased
In view of the course which the State has since pursued
"upon the groimd that they are so low that persistence in toward the corporations which constructed the older roads to
" making them would be ruinous.
which we have referred, we take pleasure in calling attention
" Congress, in the provision above recited regarding rates, to the honorable conduct of the State of Illinois at that period.
"was legislating for the protection of the general public, and Whatever may be thought of its subsequent treatment of cor" not for the protection of the carriers against the unreason- ix)rations which were instrumental in its resurrection from,
" able action of their own officers, or against excessive compe- bankruptcy, we think there can be no doubt about its hav mg
''
tition,"
entered into contracts with such corporations as yours, for
'

'

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'

THE CHRONICLR

316

it did not entertain a " menstated in your charter tliat your company should have authority io " fix the rates of toll In the
tritnsportation of freight and passengers over its railroad."
think it may also be fairly inferred (although the charter
is silent on that point) that it did not then contemplate causing the financial ruin of railroad:! by authorizing the construction of a greater number of competing roads than can be suppotted.
Although none of the members of our Board are learned in
the law, we nevertheless desire to call your attention to some
of the most important decisions by State and Federal Courts
in railroad cases.
cannot, within our limits, quote them
in full, as we would prefer to do; we can only quote as much
of them as, we trust, will fairly present their salient points
touching the authority of railroad corporations to fix rates for
transportation, and the authority of State Legislatures to fix

example, in good
tJltTeservation "

faith,

when

and that

it

We

We

such

rates.

rvoL. L.

In view of the Constitutional provisions to which we have
referred, by what authority can both the Legislative and Judicial Departments of the "Government claim the right to de-

termine such questions ?
Prior to 1868, nine hundred and five railroad corporations
had constructed an aggregate of 43,235 miles of railroad in
the United States. On December 31, 1888, the number of
such corporations had increased to about 3,340, and the number of miles of railroad had increased to 156,081.
The course pursued by the Government (especially during
the last few years) has caused many of the shorter lines of
railroad to be merged into large systems, for the purpose of
avoiding, as far as may be lawful, the evil effects of hostile
legislation, and to promote economy in operating the roads.
To prevent such action on the part of railroad owners, laws
have, in many of the Western States, been enacted, prohibiting the consolidation of competing lines. The merging of
railways into large systems has reduced the number of corporations operating railroads to about 650. Nearly 1,700 railroads have passed from the control of those who constructed
them to other corporations, by whom such railroads are now
operated.
The following table shows the aggregate miles of railroads
in five grand divisions in 1868 and 1888, the increased
number of miles in each division, and also the percentage of
increased mileage during this period of twenty years:

[Several pages of the report are here devoted to a historical
review of the decisions in State and Federal Courts on the
subject of charters granted to corporations, and how far their
terms constitute contracts which are inviolable. For lack of
space these decisions are omitted, but they will be found of
much interest to many readers, who wiU desire to obtain a
copy of the pamphlet report for preservation. The general
conclusion from these law decisions is given in the next paragraph.]
Increase Per cent of inIn all judicial contests between the States and railroad corin Milte
1868,
1888,
creased Miles
units.
porations on the subject of the right claimed under special
Miles.
in 20 Tri.
in20 rears.
charters to make rates, the States have been victorious. The
New
England Group.
4,019
6.654
2,635
65 >9 p. cent
Supreme Court of the United States has decided in effect that Middle States Group...
9,765
20,600
10,835
110'«,ooP.ct.
a grant of the right to make reasonable rates, although clearly Western States Group. 16,889
39115
83,001
66,112
00 p. ct.
10,693
35,764
25,071
234Ji5,oop.ct.
expressed and unlimited by its terms, must be construed as Southern States Group.
889
10,062
9,173 l,031S3,oop.et.
continuing subject to the pleasure of the State, unless the State Paclflc Group
has at the time of maldng the grant expressly declared that it
Total
42,255 156,081 113,826
269-8iooP-ot.
will not revoke it.
Each railroad corporation, before commencing the conlaw has been enacted by State Legislatures under which,
struction of its railroad, entered into a contract with one or
in all cases involving the question of reasonableness of rates (if
8uch rates exceed such as may have been made by State Com- more of the State Governments, or with the Federal Government. Such contracts were of two classes. In one class the
missioners), a railroad manager enters court in the position of
an indicted criminal but the parallel extends no further. The Govcrament agreed, without reservation, that, as a consideracriminal who has stolen sheep must be held to be innocent tion for constructing and operating a railroad between certain
designated points, and for providing the necessary money to
until it has been proven beyond a doubt that he is guilty.
The Railroad Manager who may have honestly ditfered with pay the cost of the same, the railroad corporation should have
Railroad Commissioners in estimating in a certain case what the right, during its corporate existence, to estabhsh, from
time to time, and collect reasonable rates for transportation
is a reasonable rate, must be held to be guilty unless he can
prove beyond a doubt that the Commissioners have made a over the railroad which was the subject of the contract. All
schedule of rates too low. The thief must be tried before an contracts of this class were made pursuant to special legislaimpartial jury. But the reversal of the common nile of evi- tive acts, commonly called special charters; and it was not
dence, together with the universal prejudice against Railroad then supposed that an express declaration by the Groremment,
Corporations, predetermines a verdict againt the Railroad that it would in good faith comply with its agreement, was
necessary, nor was it then supposed that the Government
Manager in all trials of such cases before juries in the West.
Is not the holding of one class of persons to be guilty under would resort to contracts for building competing lines for the
conditions in which persons of all other clsisses are held to be purpose of reducing rates below such as were considered reainnocent a "denial of the equal protection of the laws," and sonable at the time such contracts were made.
The other class of contracfc; to which we have referred were
therefore a clear violation of the spirit, if not of the letter, of
made subject to the reserved right of the State to fix a limit
the Federal Constitution ?
Is not such an unjust discrimination between persons repug- to charges for transportation at its pleastffe.
The practical effect of the Supreme Court decisions to
nant to every honest and fair-minded man's convictions of
which we have referred is to place all railroad corporations at
right and justice ?
The decisions of Federal and State Courts to which we have the mercy of Legislatures, or, as one of the Justices of the
called your attention, and others of like character, suggest Supreme Court of the United States has said, "subject to
legislative caprice."
interesting questions.
Excluding street railroads, and other railroads of less than
One of the fundamental principles on which our National
and State Governments are based, is expressed in theConstilu- ten miles in length which are not operated as a part of a system, we find that only eighty-three of the 650 corporations
tion of one of the older States by the following words, to wit
" In the Government of this Commonwealth the Legislative operating lailroads were able in 1888 to pay dividends to their
" Department shall never exercise the Executive and Judicial shareholders.
1,192 miles, paid 10 per cent dividendsf
" powers, or either of them the Executive shall never exer9 corporations, operating
2,247 miles, l>aid 8 per cent dividends,
7 corporations, operating
" cise the Legislati-e and Judicial powers, or either of them
8,141 miles, paid 7 per cent dividends.
14 corporations, opci'atiuR
" the Judicial shall never exercise the Legislative and Exec- 24 corporations, operatiuor 13,644 miles, j>aid 6 per cent divideuds.
" utive powei-s, or either of them to the end it may be a Gov- 10 corporations, operating 6,S73 miles, paid 5 per cent dividends.
" emment of laws and not of men."
The remaining nineteen of the railroads which earned diviIf we are correctly informed, substantially similar provi- dends paid from 1 to 4 per cent.
The amount of rent paid by
sions may be found in the Constitution of the United States, the operating companies to the corporations owning the leased
and also in the several State Constitutions.
lines enabled about 300 such corporations to pay small diviShould not the Common Law be held to be subject to such dends to their shareholders. It will be noted that only about
Constitutional provisions? Whether a certain charge for one-eighth of the operating railroad companies were able to
transportation is reasonable or unreasonable, would seem to us pay dividends, and about one-fourth of these paid less than 4
to be a Judicial question.
per cent.
Mr. Justice Field has said
"In the absence of a contract
The total amount paid to shareholders of all railroads in the
" for propei-ty or service, the law allows only a reasonable United States in 1888 is equal to 62-100 of 1 per cent.
" price or compensation but what is a reasonable price in
In 1887 the amount paid to shareholders was equal to
" any case will depend upon a variety of considerations and is
iVith an increase of traffic in 1888 of
71-100 Qf 1 per cent.
"not a matter for Legislative determination."
more than lipercent, wefind the divisible profits reduced 12J^
Ip Chicago Burlinrctr n & Qumcy v.i. Iowa, Mr. Chief Justice per cent.
"V^aite (speaking for a majority of the Court) says:
The average percentage of dividends paid on railroads in
'-The
" Burliucton
Jiisscuri Railroad Companv (the benefit of New E.glatid in 18^:8 was 4 56-100 percent; in the North" whose charter the C. B. & Q. now claims) was organized western States. 52- 100 per cent. This statement of average
" under the General Law of Iowa, with power to contract in dividends shows the difference between tlte results prodaeed by
" reference to its Iwiiness the same as private individuals. E. item and by Western Utate legislation relative to railroads.
"
*
*
*
*
This, in substance, is its charter.
The average rate per ton per mile charged for freight on the
" and to that extent it is protectied as by a contract. In th? Cliicago
Northwestern, the Chicago Milwaukee & St. Paul,
"•absence of any Legislative regulation, the Courts mu^t de- the Chicago Rock Island
Pacific, the Chicago Bm-lington
" ci^f fo. it as they do for private persons when controvei- Quincv tiio Illinois Central and the Chicago
Alton railroads
" WCB arise, what is reasoiiable.'
wdn, iL lb7l\ 2 43-100 cents; on the same roads in 1888, 85-100
If this question is a Judicial one, as Mr. Justice Field says it cents.
iSj and ao from its nature it would appear to be, by what su1 he aveiTge rate per ton per mile charged for freight on the
thority can it be dt terminer! by Ferleral or State Legislation
Bcston is. Albany. New York Central. Michigan Central, Lake
If it is a Legislative que^tion. by what authority cau the Shore, New York Lake Erie & Western, Pennsylvania, *nd
Federal or State Judiciary decide it?
Pi'.i&bu.g Fort Wajsne & Chicago railroads ia 1870 waa I 6-10
.

A

—

:

;

;

;

:

;

&

&

'(

&

&

&

March

1,

THE CHRONICLR

VW.]

cents; the average rate charged by the same lines in 1888 was
7-10 of 1 cent
The average rate per bushel for transporting wheat from
Cliicago to New York, all rail, was, in lb70, 33 cents; in 1888,
14 cents. The editor of Poor's Manual, commenting on these
statements, says: " The thirteen roads referred to are typical
"of the entire railroad system. Since 1865 the reduction i>er
" ton per mile has been, on the lines named, cast of Chicaso,
" 79 per cent, and since 1868, on the lines named, west of Clii" cago, the reduction iu rates has been 73 per cent. Of the
" total cost of operating a railroad, fully 80 per cent is paid to
" labor in one way or another. Expenses of this nature can
" not be materially reduced; in fact, the tent'eacy is coustant" ly toward an incresse. Tha railroads named received in 18.H8
"$20 for servicer for xohieh they received $[00 in 1665.'' lie
adds: " What other business can show a corresponding reduction in returns I"
In Illinois there are sixty-two railrc ads; five of them load
directly east from Chicago, and are operated in the State a
few miles only. Of the remaining tifty-seven, nine only paid
dividends in 1888, and one of these which extends out of the
State— failed to earn fixed charges on its line in Illinois. The
dividends paid in Illinois were 8 per cent on one line, 7 per
cent on three lines, 6 per cent on Common Stock and 7 per
cent on Preferred Stock on one line, 5 per cent on two lines,
21^ per cent on Common Stock and 3)^ per cent on Preferred
Stock on one line, and 1}4 per cent on Preferred Stock on one
line.
Forty-nine of the fifty-seven Illinois lines failed to earn
any dividends in 1888. On thirty of them the earnings were
$2,275,104 less than was required to pay fixed charges, and on
six of them tke earnings were $81,894 less than the amount depended to pay operating expenses.
The editor of Poor's Manual, published in 18S9, by an
elaborate estimate' shows that the raikoad companies in this
country employed, directly and indirectly, in constructing,
operating and maintaining railroads, a total of 2,030,000 men,
representing families numbering in the aggregate 12,250.000
persons, and that the daily payments by railroad companies,
directly and indiiectly, to tnes3 persons, amount to nearly
§3,C00,0CO.
Taking the share list of the New York Central Railroad as
the basis of his estimate, he shows that there are more than
1,000,000 railroad shareholders in the United States.
think, after a careful examination of such lists of shareholders as we have had access to, the whole number is much
greater
and that there are at least 450,000 women and
trustees for minor heirs holding raih-oad shares ia the United

—

when

constructed, or cost to their present hohlera. The estitherefore, not effected by the question as to wliether
the roads have or have not cost too much.
The estimate of reduced value takes no account of capital
stock, and therefore no question as to " watereJ stock" is
involved. The result of the calculation would l>e the same,
whether such capital be $1,000 or $100, 000 per mile. The computation is based upon the assumption that the present value
of a railroad in operation depones uiwn its net earnings, if it
has any net earnings.
If we assume that the course which the State and Federal
Governments are now pursuing is to bo continued, it is easy
to demonstrate, mathematically, that in less than ten years
there will be very few railroad shares in the United States
that will have any value.
The employment of Railroad Commissioners to regulate
railroad management, and reduce charges for transportation,
has been continued since 1871. The policy of enforced compe-

mate U.

tition

by

parallel

States,

In view of the very great destruction of raUroad values
which the Government has caused by the employment of
speculators and others, in the construction of railroads, it is
interesting to estimate, as accurately as possible, what the
actual annual loss of capital invested in railroads is, and what
proportion of it is suffered by women and child len. For that
puipose we base an estimate upon statistics found in Vooi-'s
Manual, which we have good reason to believe are accurate.
The total amount of divisible earnings derived from the

and competing

and
Western
Board of

railroads, authorized

promoted by the Government, wai adopted by the
States very soon after the appointment of the first

Railroad Commissioners, and is still continued.
For the last fifteen years especially, the policv of the States
last referred to lias caused universal "dissatisfaction among the
people, and unparalleled destruction of railroad property.
Many failures in railw.ay enterprisea occurred in the West
while the States kept faith with railway companies. Such
failures were due to the fact that many of the railroads were
built before the development of the country had proceetlfed
far enough to provide sufficient traffic to supiwrt them. For
such failures, the State Governments are, of course, not responsible. This class of failures, with few exceptions, occurred
prior to 1870. About that date, the Western States adopted
their present policy, which appears to be exercised with complete disregard of the spirit of their prior contracts with Kailroad Corporations. By the kindness of the editor of the Ratlway Age, we have been permitted to take from his files statistics from whicu we have compiled the following statement of
the number of railroads sold under foreclosure during the last
foiuleen years, together with the Aggregate Mileage, Bonded
Debt and Capital Stock of such roads:
Ditt.

Tjlal nnmbcriTotal n-*iMber

nfroad».

We

;

3i7

30

1876.
1877.
1878.
1879.
1880.
1881.
1882.
1883.
1884.

.51

48
65
31
29
16

18.S5

1886.
18S7.
1888.
1889.
Total.

of mil' f.

T.ltl Amount
Ilona ana Uebt.

4,933
3.875
3,902
4.909
3,775
2,617

fl45,831,293

867

18
15
22
45
31
19
25

3,156
7,687
5,478
1.5^6
2,930

448

47,789

1,354

710

pilot Slo^Xe.

!iil22.3r.2,241

Il9.il38,700

79.045,700

160,014.500
1«2,K22,7«0

151,61ei,700

166,568,01)0

»7,;U3,700

51,277.061

76.(i44,f»H»f

26,l(i0,5f O
28.505.000
9,5:H,000

39,26.'5,«0O

141,o90.0(»0
17i', 140,500,

13fi,i;04,(X)O

203,961t.20O

164„522,000

163,(i59.O00-

36,H06,400i

27,T48,H()0
52,951. CHiO

84,864,000
I

Tint-'

C

80,4(i6,<V33

18.825,000
l:),913.000

$1,468,635,333 !i;l,264,684,715

We have

been unable to obtain statistics relating to such
sales made prior to 1876, but we know the number was very

operation of all the railroads in the United States in 1883
(120,552 miles) is §103,052,548. The total divisible earnings on
the same miles of railroad, excluding all extension of lines, great.
It will be seen from the above tabular statement that, in
and all new lines constructed between 1883 and 1833, is f >unl
round numbers, one thoasand two hundred and sixty-Sve
to be in the last-named year about S02,589,57i, which shows
that the amount of available net earnings in 1888 compared millions of capital stock was, during the period of fourwith 1888 was reduced nearly 40 per cent, or $39,462,970. teen years to Use a common expression " wif>ed our," and
Tliis amount cajiitalized at the rate of 4 per cent represents to this immense sum should be added many millions of floats
8986.574,400, which is equal to an average reduction in valua iiyj debt, of which we have no means of even estimating the
of $197,814,880 for each of the five years referred to. Au amount.
It will be seen that au average of 3,41.3 miles of railroad sraa
estimate made in the same way based on the railroads operated in 1887 (147,999 miles) shows that, during the year 1888, sold annually, and in many cases the same roads have been
the divisible earnings, compared with those of 1887, were sold two or three times. Before being sold they were all held
reduced 812,873,576, or about $1,000,000 each month. Capital- and operateil by Receiver.^, for terms of from one to ten years,
izing the loss in divisible earnings for the year 1888 at 4 per the average term during which each road was bo operau^d
cent, we find the value of all the railroads which had been being about five years.
It therefore appears that an average of 160 railroads were
constructed in the United States prior to January 1st, 1888,
was reduced $309,339,339 during the year 1888, or nearly each year in the hands of Receivers, and that the total length
of such railroads, each year so operated, exceeded an average
one million dollars xter day for six days in each week.
The total amount of traffic iu the year last named exceeded of 17,000 miles.
The common practice of Receivers in such cases is to reduce
that of 1887; in transporting passengers within a small fraction of six per cent, and in transporting freight 14 4-10 per rates of transportation, so a? to attract the largest possible
cent. The reduced earnings from increased trafHc in tiiat year amount of tratfic from competing lines, regardless of net
are due wholly to enforced competition by the Government, earnings. This causes great loss to cornoi-aticns that are trying to earn at least enough to pay opeia*ing rx .enscs, and
as has been the case for mary years.
Assuming that in 1883 the average number of shares owned often reduces them to bankruptcy.
The course' purnied by Re^-'cirars la opera'.ing. laUrpods
by each woman and each cliild owning aaib-oad shares was
One-half the average number held by other persons which is causes great iiissalitfaotion among the patrons of other ilincs,
Receiver, can. malco
approximately correct the reduction in- value of ihe t-hares who gcQcraily fail to understand why
held by or for women and children was, for tliat year. .$70,- lower rates thaa other Railroad Managers. Tlie lafx'r.dn tj>eir
601,361, or $170-22 for each woman and each cliild, wliicli is efforts to obtain money to pay current exjienses, and thereby
about one-eighth of the amomit owned by women and chil- keep the companies they represeiiL irom buiikruptey, .often reduce rates below actual cost, which reduced rates the public
dren.
have assumed 4 per cent as the rate of capitalization, will not permit afterward, under different conditions, to be:
for the reason that the market price of shares is novvv and for advanced. The unanswerable argument iu the minds of theseveral years has been, baaed on that rate (substantially), in public l)eing, " you would not have made such and suctk
cases like the Boston
Albany, for examplesdn which. persons "' rates if they had not been profitable, and to advance taoan
with money to invest have full faith in the State Government *' is extortion."
which has jm-isdiction over i*^. No greater dividends than 8
During the term in which a raUroad is held by a Rac»7pr,
per cent have been |)aid for years on the shares of that Com- it 18 p'aotically confixcated, and is operated in the interest -or
pany, and they have for a long time sold at more than $200 the public only. The uiterest of the shareholders is of course

—

—

:

'

—

•

—

ii,

We

&

" wiped out."
per share.
In estimating the reduced value of railroad property, asThe bondholders during that period, asa vula, recevv^no
above stated, no accoimt ia taken of the cost of the railroads interest on their bonds, and when the railroad is sold there is
.

.

THE CHRONICLK

318

[

70L. I*

State officers
large amount of Receiver's certificates outstand- Bult them as to the compensation to be paid.
which represent the money the receiver has borrowed to issue orders, without consulting the railroads, fixing maxiThere is no attempt
enable him to pay operating expenses and make necessary re- mum rates for all other transportation.
pairs on the road. The debts he has created are a first lien on to make agreements. Tliere can be no arbitration in this
Ihe projierty, and must be first paid from the proceeds of tlie country between the Government and the railroad companies
If the bondholders become the purchasers, they must on any matter of difference.
sale.
Instead of arbitration, the States reverse the common rule
put their hands in their pockets and pay the debt which the
receiver has created they not only lose the interest on their of evidence in cases of dispute as to rates, and require the
bonds while the Receiver has possession of the road, but at railroad manager to prove his innocence, or suffer the penOur Government confiscates railroad
the end of the Receiver's term of management they must pay alty of the law.
a new debt in order to avail themselves of the security which property by enforcing ruinous competition, and by

commonly a
ing,

;

was given

for the old one.

Tlie average number of miles of railroad operated in the United
States during the last fourteen years is about 114,000, and, as
see from the above statistics, 15 per cent of that mileage has
been operated by receivers, wholly in the interest of the public,
and in most cases jiartly at the expense of the bondholders.
The operation of railroads by receivers is one of the inevita-

we

ble consequences of the policy which has been pursued by the
State Governments in the West for the last twenty years. In
several cases within the last few years it has been found difficult to sell railroads, at the termination of their management
by receivers, for a price large enough to pay the debt which
the receiver has created.
are told that " competition is the life of trade," and that
-competition between railroads is one of the objects of the
Government in multiplying them. Tliat voluntary or free
competition, as it is exercised by all classes except railroad
corporations, promotes the true interest of the public no one
will deny. Such competition, in its final analysis, leads to
the "survival of the fittest," and the public are therefore
served mainly by those best qualified and at competitive
Those who prove unfit to cope with others are driven
prices.
from the field, or, if being fit to compete, the number of competitors is found too great for profitable competition, they
may go elsewhere or pursue a different occupation. If they
become paupers, they are supported while they live at the exjiense of the public.
Like conditions do not exist in railroad competition. The
railroad company cannot be permitted to compete without
It cannot be perrestrictions, as others are permitted to do.
mitted to limit its charges by the law of supply and demand
only, as all others may do. It cannot be permitted to recoup
losses incurred in a dull time when afterward there is an active
demand for what it has to sell, as the merchant and others

We

may

do.

Under favorable

conditions, competition between raib'oads
tends to jiromote the public interest and should be encouraged but forced competition leads to evils without number,
which has beon abundantly demonstrated in this country.
When the competing railway is losing money, it cannot be
removed to another field, nor can it be put to other use.
When it is not operated at a profit, it cannot be expected
that it wiU be kept in proper condition for service, and it soon
becomes a pauper but, unlike other paupers, it forces its
comjjetitors to support it, and it never dies.
The Railroad Commissioners of one Western State frequently compete with those of another in reducing rates, with
apparently very little regard for the destructive consequences
of their acts.
Such are some of the features of railroad competition in this
country.
The natural and necessary legal disabilities and limitations
under which all railway companies labor, are recognized in
all other countries, and such roads are protected against excessive competition by refusal to permit the construction of a
greater number of railrods than are actually required to proTide necessary facilities for traffic. Such protection is given
by a division of territory between the several roads in some
countries.
In others by what in this country is called "pooling." In all countries except ours protection against excessive competition is given by or under the authority of the
Oovemment in some way.
With the existing railroad situation in the United States,
there is in railroad competition scarcely a single element in
common with competition between those who are engaged in
other business enterprises.
It seems as unreasonable to expect that the people will derive any benefit from competition between railroads under
ej:3ting circumstances, except at the cost of capital invested
in them, as it would be to expect a good crop of wheat by
sowing tares. The necessary conditions do not exist.
In all beneficial competition, the desire to get gain or
profit is the element in human nature which induces persons
to render good service or sell commodities at a low price.
With seven-eighths of all the railroads in the United States
to-day, the question is not how to make a profit, but how to
maintain their existence, and keep out of the hands of the
;

;

_

arbitrary orders of Railroad Commissioners to rerates and fares. It does not spare poor women
and children who have inherited from nusband or
father a pittance representing the investment of savings in
non-specuiative railroads. It shows no mercy toward another
class of shareholders, largely composed also of women who
are the innocent victims of its speculating contractors and
their brokers, who have "placed" the securities which it has
been said the roads were "built to float."
During the last twenty years many charges have been made
against railway companies in this country by politicians and
others, based upon the assumption that such companies were
trying to earn dividends on "watered stock."
" Watered stock" has doubtless been issued by many speculative railroad companies since 1870
but, so far as we are
advised, such stock was issued before that date in a few cases
only, and in all of them the entire capital stock had been foreclosed before 1870.
Notwithstanding so much has been said in regard to efforts
to earn dividends on "watered stock," we have reason to
believe that there is not a railroad company in the United
States that has ever paid to its shareholders more than would
amount to a fair rate of dividend on its shares if such shares
were reduced in number so that each share would represent
at par the actual amount of cash paid to the treasury cf the
company by the person to whom it was issued.
have been for a long time in the railroad service, and
have had an extended acquaintance with railroad managers;
but we have never seen or heard of a railroad manager who,
when considering a tariff of rates, ever took into account the
share capital or indebtedness of the railroad company. Tliere
are always other conditions that govern in such cases; and yet it
is a common "cry." that raib'oads are "cheating the public" in
their efforts to earn dividends on "watered stock."
The term "watered stock" should have a much wider application than is commonly given to it.
It is generally claimed that farmers, as a class, have greater
cause for complaint against railways, by reason of alleged excessive charges, than any other class of persons, and that as a
class they derive less benefit from railroads than any other.
When most of the non-si»culative railroads, like yours, were
being constructed in Illinois (from 1852 to 1836,) about threefourths of all the lands in the State were held by the General
Government for entry at §1 25 per acre. About 3,000,000 of
acres near the line of the Illinois Central Railroad were at the
same time held by the Government for sale at §2 50 per acre.
At this period, when persons residing in the Eastern
were investing their Iiard-eamed savings in
States
the construction of railroads like yours, and other roads
constructed about the same time, farmers were purchasing lands in Illinois for $1 25 jMr acre, which were about to be
made valuable for farming purposes by the construction of
railroads, and in many cases such lands were purchased, by
the use of land warrants, at a cost of less than $1 per acre.
What profit has the farmer or his heirs I'ealized during the

the

duce

;

We

thirty-five years on such purchases? No person having
knowledge of the matter will contend that the average annual
profit from cultivation has been less than $4 on each acre, and
that sum is equal to a profit of from 300 to 400 per cent per
annum on the cost of the land. What amount of "water"
would be developed if the lands were now to be sold ? Excluding the value of improvements, the lands are worth an
average of more than $50 per acre. At that price it would
appear that there is 849 of " water " for each dollar invested.
The railroad corporations are unquestionably responsiule for
the "water" in the advanced price; the land owner has absorbed it from the railroads. He is, nevertheless, entitled to
it.
It would be easy to show that all other classes of persons
have absorbe«l the same kind of " water " from railroad corporations, and generally much more of it than the farmer.

last

They, too, are fairly entitled to the " water "'in their annual

and in the advanced prices of their property. It may
be said that farming lands cannot now be purchased in Illinois
and made to produce a large profit on their present market
value. That may be true, but it is no reason why the raUroad carrier should continue to reduce his charges for transportation indefinitely. The railroad has increased the value
court.
of lands to fifty, and in many cases one hundred, times its
[Some five pages of the pamphlet report are here devoted to original cost; but there is a limit to its ability to enhance the
a review of the treatment of railways in Great Britain by Par- profits of its patrons. This fact should be recognized and adliament and the Courts, with the conclusion given in the par- rhitted by the people. That limit in most cases has been
agraph following.]
reached.
comparison in detail between the treatment of railway
To arbitrarily force carriers beyond it is a species of highcorporations by the British Government and the treatment of way robbery which cannot be justified, although it may be
such corporations hj the Government of. this country, would lawful.
reflect such discredit upon tlie latter that we must be excused
How stand the railroad corporations in the midst of the
from attempting it. The difiference is as wide as the anti- almost universal prosperity which they have at least done
podes.
It is like comparing justice with injustice.
their full share to promote ?
In the United States the Federal Government orders the
Thirty-five years ago the railway manager, the farmer, the
railroad companies to carry the mails, and does not even'con- merchant, and all others met on common ground.

A

profits

March

THE CHRONICLR

1, ItaO.J

The railway manager was permitted to consult with his
patrons as to such rates as would best promote their interests,
and, with proper regard for all, within reasonable limits, to
act promptly upon information obtained from them, well
knowing that no railway company can adopt a wiser policy
than to promote the true interests of its patrons. It is for
such service that payment is cheerfully made. For the last
twenty years that has not been permitted. Since the rioor
railway has been held to service by the politician, it has been
going from bad to worse continually, and popular dissati.sfaction has increased. To-day the railways are in the position of
half -starved servants, who must be thankful for such cruiulj.s

may permit them to receive. Why this great
change? What have the persons who invested their saving.^
in rafl ways done to merit such treatment? That the Government has the power to deprive one class of its citizens of their
just rights has been demonstrated; but, in our judgment, its

as their masters

exercise can not be justified.
do not believe that " might makes right." If it is right
to arbitrarily limit the profits of one class of persons, or to deprive them of all profits, as has been done in the case of many
railroads, why not do the same with other classes of persons ?
If " watered stock" justifies such a course, what tangible
property can be found in this country that does not contain
the kind of "water" referred to; and why not serve all alike?
see to what absurd conclusions such suggestions lead.
has it been possible to deprive one class in the West of
their just rights that all other may profit thereby ? The
answer is easy. That class does not vote in the West.
The fact, as already stated, that the avera ;o rate of dividends paid in 1888 on snares of the New England railroads was
four dollars and fifty-six cents per share, while in the same
year an average of only _^/'<^-f(fo ee/i<s per share was paid in
the West, may be accounted for in the same way.
It is said that we should not complain unless prepared to
will therefore suggest the ownership
suggest a remedy.
the orof
the National Government, and
railroads by
ganization of a corps of railroad operators, who shall remain
in the service during good behavior, and be in no greater degree
under the influence of politicians or political parties than the
army militant. The outlines of our suggestion may be stated
as follows:
1st. The National Government shall acquire the ownership
of all the railroads in the United States which are now used
for Inter-State traffic; such railroads to be acquired by the exercise of its right of eminent domain, or by purchase, under such
limitations and rules as to price as Congress may determine.
2d. Payment therefor to be made by the issue of Government bonds, bearing interest at a rate not exceeding 3 per cent
per annum, said bonds to be redeemed by the annual application of a sinking fund equal in amount to 1 per cent ol the
whole amount of such bonds issued; the annual interest and
sinking fund to be paid from the net earnings of the railroads,
and the rates for transportation from year to year to be reduced, so as to provide no more money than shall be needed
for such payments.
3d. To the end that citizens of each State shall be required
to pay no greater rates for transportaion than shall be necessary to produce an annual amount of net earnings on the railroads of the State in which they reside equal to the annual
interest and sinking fund on the bonds issued by the Government in payment for such railroads, separate schedules of rates
shall be made for transportation on railroads in the several
States, and changed from time to time, as may be necessary
to secure that object.
4th.
Such railroads as may be hereafter constructed and
used for Inter-State traffic in the several States may be purchased by the National Government or not, at its option. If
the Government shall at any time not elect to purchase railroads hereafter constructed and used for Inter-State traffic, it
shall nevertheless have the right to make through rales, from
time to time, for traffic over the same, in connection with
other Inter-State lines, and all such tlu-ough rates shall be
divided between the several lines owned by the Government
and lines not so owned, in proportion to mileage.
5th.
Board of National Railroad Directors, consisting of
persons, shall be appointed by the President of the
United States, and the persons so appointed shall hold
such offices during good behavior. The Board of Directors
so appointed shall exercise general sujjervision over, and
issue all necessary general orders relative to, the maintenance and operation of such railroads, subject to such
laws as Congress may from time to time enact. It shall
be the duty of said Board to cause proper general regulations and rules to be prepared, which shall provide for
the appointment and define tlie duties of all neces.sary
officers and employes in the railroad service of the Government, and shall state, in connection therewith, the amount
of compensation each officer and class of persons so employed
shall receive.
Such regulations shall (except in cases in
which services are needed for a short time only) provide that
during the first year's service each person appointed or
employed shall be considered on probation, and if not discharged before the end of that year, he shall not thereafter be
discharged without sufficient cause, concerning which proper
investigation shall be made, the intent being to keep men in
the service during good behavior, as far as practicable. All
general regulations and orders shall be consistent with
authority conferred by act of Congress.
6th.
All rates for Inter-State traffic on all railroads in the
United States to be fixed and changed from time to time by

We

We
Why

We

A

319

the National Board of Directors, in their discretion; provided,
however, that in fixing such rates the Board shall see that the
rates are in proper proportion with all local rates and that the
aggregate annual net earnings resulting from railroad traffic
shall each year be, as nearly as i)raeticable, equal to the
amount required for the annual interest and sinking fund
before referred to.
All schedule.? of rates for traffic which does not cross
7th.
the boundary line of a State or Territory of the United States
may be prepared and submitted to the National Board of
Directors by Railroad Commissioners or other persons duly
authorized by State autnority, and all schedules, when so prepared and submitted, shall ba carefully examined by said
Board. If in the judgment of the Board such schedules of
rates are proper, and will produce the requisite amount of net
earnings, they shall adopt the same. If the menbers of the
Board think otherwise, it shall be their duty to notify the
Commissioners or olhe.; State officers who have submitted a
schedule which they are not prepared to adopt, requesting a
conference, that points of difference may be agreed upon, if
found proper, after consultation.
If such agreement is
arrived at,
not
then the Board of
Directors shall
make such amendments to the schedule submitted as
in their judgment their duty shall require, before adopting
Proper provision shall be made for persons
the same.
injured by accident while in the service, and for such as
years, become superannumay, after having served
ated.

In view of the fact already demonstrated, that the actual
value of railroad investments has been reduced during the
last five years nearly one thousand millions of dollars, and is
now being reduced by the course pursued by State and Federal Governments at the rate of nearly one million of dollars
per day, it would appear that if anything is to be saved by
shareholders of at least three-fourths of the railroads in the
United States, there should be no further delay in making
their appeal to the Government or the people. The day has
passed when an appeal can be successfully made to a State
Legislature for indemnity on account of losses the State has
caused, as was done in Illinois thirty-five years ago. The
money which has been invested and lost in railway enterprises no matter wliat has caused the loss can not be recovered. The people have been told for many years that they
have the right to demand and receive railroad transportation
subject to such regulations, and for such comi)ensation as
they may dictate at their pleasure, and the Courts have in
substance so decided. That railroad charges are now too low
to support all the raUroads has Iseen practically demonstrated;
but for reasons we need not discuss, it is probably impossible
to advance them to such a degree as would be necessary to
support all the roads.
Shameful as the record of the treatment of railroad shareholders by the Government has been and still is, probably
nothing less potent than a special interposition of Providence
can so change public sentiment as to induce the Government
to do anything which could be construed as an admission that
it has been in the least degree wrong or unjust in its treatment of railroad corixsrations during the last twenty years.
The suggestion we have made appears to avoid the necesaity^
*
for its making such an admission if the course we have indicated should be adopted.
The difference between the amount of annual interest and
sinking fund on the Government bonds to be issued in payment for the railroads, and the amount the railroad companies
now pay annually on account of interest, sinking funds, and
occasional dividends, would at least enable the Grovemment
to continue present rates for transportation, and would
probably enable it to immediately reduce them. Rates still
lower could be made from year to year as the amount of bonds
outstanding is reduced by the sinking fund, and when all the
bonds shall have been redeemed rates for transportation need
be no greater than may be found necessary to pay operating
expenses.
One of the incidental benefits to be derived from the proEosed issue of Government bonds would be the use of such
onds for continuing National Banks. Under other conditions
we would not advocate the purchase of the railroads by the
Government; but we can see no reason to fear that the corps
of railroad operators will be made a ]x»litical factor, if organized as suggested, and we can see no reason why the proposed
Directors may not act with as much freedom from political
bias, and command as much confidence, as Justices of the
Supreme Court, or other officers who hold office during good
behavior, now do.
While, under ordinary conditions, we
believe the less business the Government is charged with the
better for all concerned, we nevertheless believe the present
railroad problem contains certain elements which preclude

—

—

any better solution of

it.

people to continue
the reduction of rates for transportation from time to time
" grows by what it feeds upon."
It would therefore appear that shareholders of a great
majority of the railroads have but one alternative.
They
must either sell their remaining interest in railroads to the
Government at such price as it may in its sovereign pleasure
be willing to pay, or submit to the continuing process of confiscation, and soon lose the remainder of the capital they have
invested therein.
For the purpose of judging whether we may reasonably expect reUet by a change of governmental jwlicy, and what
course we should pursue to obtain it, it seems necessary to
It is evident that the disposition of the

THE CHRONICLR

320

consider the relation in which the people stand with reference
to the GoTemment.
It appears to us that there are practically three classes of
popular sovereigns in the United States which we will refer
to jn the order of their rank as indicated by the power they
:

commonly

exercise.

A

[Vol. I*

It Is idle to say that the State Governments are not responThey, and
sible for the construction of too many railroads.
they only, have had absolute power to prevent building rail-

roads.

No railroad ever has been, or can be, constructed in the
United States, except by State or Federal authority.
No corporation ever has constructed a railroad in this country without first receiving, in writing, from the Government,,
under its great seal, evidence of its authority to construct its
proposed road, and, in all such cases, obligations are assumed
on both sides, by the corporation and by the Government,
which are in a nature of a contract, as has been held by the
Supreme Court of the United States. It is true that the State
Governments have repudiated in part many such contracts ;
but such repudiation cannot relieve them of moral- responsibility for their unjust acts.
They should have had proper regard for the rights of all railway shareholders as well as all
other classes and should have refused to authorize one corporation to prey upon another, to the end that the pubhc may
for a short time profit thereby. It is no answer to say that
for years new railroads have been constructed in many States
under general laws. Unless general laws promote the general
welfare and protection of all, they should be repealed.
Tlie powers of railroad coi-porations are few and well-defined.
If such powers are not properly exercised, a remedy may be
easily and promptly applied by order of court, or in some way
by which the rights of all shall be considered and protected.
It is no answer to say that the object in multiplying railroads has been to regulate rates or to reduce them within
reasonable limits. Reasonable rates cannot be secured by multiplying railroads without limit.
As well might a man at the head of a large family attempt
to regulate his servants, of whom he has already a sufficient
number, by adding as many as his house will hold, and then
attempt to obtain good service from them by reducing their
wages and keeping them in a half -starved condition.
What would be thought of such a man, who, when he finds-

very numerous class, the members of which are conIst.
tinually seeking important official positions for themselves or
their friends. Its members in most cases determine who shall
be elected to office by controlling primary meetings for the
selection of candidates, and by managing "political machines." During the interval between elections, they give to
persons in office such information as they need in shaj ing
their course with reference to the next election. This class of
arsons by their long continued cries of down with " Railroad
onopoly, down with " grasping corporations," (gasping
would be a better word) and other similar appeals to popular
prejudice, have pushed the confiscation of railroad property
to ine verge of complete destruction.
2d. Politicians of ability and integrity, who are generally
in office, and who intend to serve their coimtry in accordance
with their best judgment, or at least as far as it can be done
without lessening their chances for promotion or re-election.
They seek instructions from the class we have first referred
to, on nearly all questions that arise, and appear to believe
that it is their duty to represent their constituents in the light
of such instructions, whether in so doing they act in accordance with their own judg-nent or otherwise.
class more numerous than both of the others, which
3d.
embraces all voters not included in the classes before referred
Of this class, it may be said that its members (with few
to.
They devote their
exceptions) are eminently respectable.
time to their own business and social affairs, and give little
attention to the selection of persons to make laws or to the
character of laws when made. If their attention is called to
an unjust law, they do not appear to think they are in any
degree responsible for it; and their neglect to act in the matter
seems to result from their belief that that which is the duty his hungry servants agreeing to peaceably divide the limited
of all does not impose any responsibility upon them individu- rations within their reach, issues an order prohibiting all such
To present a type of the honest politician who makes agreements under severe penalties? And when he finds that,.
ally.
without agreement to fahly divide their daily bread, extreme
law.--, and who is generally in office, the writer will relate his
experience with one of them some years ago: Having occasion hunger leads to strife, resorts to scolding, and tells them they
to procure the passage of a certain law, in order to compel a are causing him and themselves unnecessary trouble by their
railroad company about to be re-organized to deal justly with failure to act like gentlemen?
have called your attention to some of the salioi^t feaa connecting line, which had been constructed for its sole
use, the writer made known his wishes to the leader of the tiu'es of the railroad history of our country. It is to the credit
dominant i)olitical party in one of our Western Legislatures. of every other country that it is without a paiallel. If the
" What you ask is just it will be a great history of railroad construction, and the treatment which railTliis leader said
" wrong if it is refused by the Legislature."
i-oad shareholders have received during the last twenty years
'•
from our Government, does not appeal to the sense of justice,
Theu you will vote for the bill ?"
" Oh, no ; I can not do that. My constituents are opposed wliich is believed to be a characteristic of the American
" to all corporations they would never forgive me, or elect people, no word.^ of ours can do so.
do not believe that
" me to office again, if I should vote for anything wanted by the State and Federal Governments are unable to exercise
" a corporation."
proper control over the management of railroads without reThis man, in his individual transactions, is as honest and ducing them to bankruptcy, as has been done in so many
in
pohtical
he
is
often
man
can
be,
and
contests
fair as a
cases.
spoken of by his opponents as an honest politician. His
If our Government finds that, in order to exercise proper
courage is undoubted he has demonstrated it on many a rule, it is necessary to ruin its most useful servants, then let
blcody field of battle.
us frankly admit that it is a failure, and humbly ask Queen
think we may safely assume that he is a fair type of a Victoria to permit us to return to the protection of our mother
large majority of the members of State Legislatures and of country.
Congress. He, no doubt, believes that he does his whole duty
believe that in no country in the world is the desire ta
when lie represents what he is informed is the wish of his conform to the " Golden Rule," or a higher sense of honor
constituents, although by so doing he may participate in the and honesty manifested by a majority of its intelhgent citienactment of laws which his judgment tells him are unjust. zens, in their individual transactions, than in our own.
The patriotic citizens we have referied to as Class No. 1, in Nothing can be said to the average American citizen that will
whom resides the •' power behind the throne" in this country, arouse his honest indi.gnation to a higher degi'ee than to charge
must iiot be overlooked in any proposed mcasiu-es for relief.
him with dealing unjustly or unfairly -vvith his fellow man.
They have already ridden the railroad hobby nearly to
We would therefore naturally expect that our Government
death, and we believe would consider our suggestion with would embody in its laws, and enfoic?, the honest intent of
favor.
During one Presidential campaign the old hobby the great majority of our people. In the main it does so but
would still be of some use to them. They would doubtless in its relations with railroad corporations there has been for
ike to elect a President whose duty it would be to appoint the years, and is now, a remarkable exception.
National Board of Railroad Directors, and such Directors in
Whether there is any remedy within the reach of honest
organizing the corps of railroad operators might find places men, is very doubtful. But those of us who represent railfor. some of their friends who would be willing to keep out of roads built at an early day, not for purposes of speculation,
politics thereafter.
but when and where the welfare and prosperity of the people
There would still be State Boards of Commissioners to be actually required them, among whose shareholders are many
elected, or appointed, and the railroad hobby might continue thousands of poor men, women and children, whose dail y
to be of some use within narrow Umiis.
bread, in a large degree, depends upon just treatment of railMay we not appeal to the members of the largest class of road corporations by the Government, should no longer repopular ^vereigns to whom we liave referred with some main silent.
liope of gaining their attention and influence in behalf of just
Why your railroad is now operated with more favorable retreatment by the Government? Although the members of sults than many others in the West, was explained to you in
that 'class have not actively participated in promoting the our last Annual Report. Briefly stated, the reason is, that for
policy of spoUEttion by reduced rates, which has caused fuch many years your Company has, as far as possible, continued
gr at lo's to shareholders, they have participated, in common to prepare for the existing difficulties under which all Western
with others, in profits gained at the expense of shareholders. railroads now labor. Your Company is an exception to-day;
1 his from necessity they must do while the governmental but we can give yen no assurance that it will long so continue.
But may we not respectfully
policy, is coAtioucd unchanged.
It is certainly within the, power of the Goverameut to conrepiind them that they are each of them in some degree re- tinue its present policy. If it does continue it, there will soon
sponsible foi the acts of the Government. Our respect for the be no exception; all will be involved in one common destrucgreat majority of that class of soverieigns is such that we have tion of railroad values.
no doubt they would prefer that all persons. should pay a fair
again request you to exertj in such manner as you may
price for railroad transportation. But we fear some of them think proper, such influence 'as you may have with those who
are, like the Irishman, who, after having taken the temperance dictate the policy of our GoVei-nmeut; and we still hope that,
pledge, said he could not be so " unkind " as to remonstrate if we can induce the people to listen tous,they will say to their
with a friend who had shared contrabrand whisky with him representatives in Congress, and in the several State Legisby puttin'.'' some of it in his tea " unbeknownst" to him.
latores: " Let justice be done."
proiHtafiit will not be seriously denied that the Government
By order of the Board,
for
IS juoraUy reeponsible
the results of its own acts.
T. B. BLACKSTONE, Fresident.

£

'

—

A

—

We

;

:

We

:

;

We

We

,

;

—

—

We

We

March

1,

THE CHRONICLK

I8b0j

^Itc

COTTON.

^imcs.

CH^crmnxcrcial

Friday.

Friday Night, Feb. 28, 1890.
Violent storms in the middle sections of the Mississippi Valley
caused temporary interruption to telegraph and railway service, and threatened an overflow of the Mississippi which may
prove to be of some importance in obstructing cotton planting.
The export demand for breadstuffs has at times been more
and with an active speculation caused an advance in
prices.
Trade for the spring season shows an increased move"
ment and mercantile circles reflect a steadier tone. By a vote
of the House of Representatives it is proposed to hold the proactive,

jected world's fair in 1892 at Chicago instead of New Yorlj.
Lard on the spot has met with a moderate demand only, but
prices have improved in sympathy with the speculative

market, and close with a pretty fair movement in progress at
o'70c. for prime city and 6-15a6-17J^c. for prime Western,
with roflned for the Continent quoted at 6 a6'50c. The speculation has been lai-gely a matter of closing contracts, and,
though active at the West, has been rather slow here, and not
until to-day was there any decided improvement, when there
sales at 6'17c. for April

and

6'31c. for

May.

DAJLY CLOSINO PBICEg OF LA.RD FUTDKKS.
Mnn.
Turn.
Wed.
Sat.
6-09
Maroli (iBllvery
H-08
0.
6 08
April (loliverv
May delivery
July delivery
October delivery

o.
o.
o.
o.

6U
6H

1.5

6-l."5

6-21

6 30

6- -3

6-20
6-33
6-51

6

Thur.

Fri.

612
618

6-16
6-22
6-26
6-37

6-22
6-33

P. M., "February 28, 1890.
as indicated by our telo/rams
from tlie South to-night, is given below. For the week ending'
this evening the total receipts have reached 80,608 bales,
against 83,218 bales last week and 99,98.'J bales the previous
w«ek, making the total receipts since the Ist of Sept., 1889,
5,873,469 bales, again.st 4,929,337 bales for the same period of
1888-9, showing an increase since Sept. 1, 1889, of 443,142 balea.

The Movement of the Crop,

COMMERCIAL EPITOME.

were

821

Stttipttat—

Hon.

Sat.

778

Oalreston
El Paso, Sic...
iJew Orleans...
Mobile
Florida
9avaiiDali

2,946

Thur:

2,746

3o4

203

82

40

1,707

4,473

974

1,416

96}

437

447

•617

025

Cut meat sold pretty

lots.

fairly early in the

week

at easier

but the close is stronger though quiet at By^^^^c. for
pickled hams. 4^80 for do. shoulders, and SctrtOe. for do.
bellies, including 10 lbs. average at 5?80. smoked shoulders,
5J^'!?5Mc. TaUow has been dull, and closes easier at 4^@
4 5-16c. Butter unsettled; Elgin, 28c.; other creameries, new,
15(J|26J^c. Che^e firmer; State factory full cream, Oj^ialOJ^c.
Coffee on the spot has been in good demand throughout the
week and prices show some further improvement, No. 7 Rio
being quoted at 18i^c.(»18)^c., but the business to-day was
less active, including, however, 550 bags waBhe 1 Java at 24c.
The speculation in Rio options was at fluctuating values until
to-day, when the " shorts " covered to some extent, owing to
the fact that the position here and advices from abroad seemed
to favor the bulls, closing firm, with siHers as follows
March
16-70o. June
16'55o. September
16'4''c.
prices,

7,IIB»

1.163

1.469('

5,30» 27,e7a
8
1.266
2,532
2,148

70S
1,266
12,067
2.143
2,32(i.

298

145

164

048

611

1,108

368

1,157

5
339

1,002

711

3,857

240
805

265

1,446

834

884r

817
328

1,116

1,127

1,618

1,611

1,929

766

301

1,160

293

8.21a
2,8»7

6,093

6,0»»

N'wp'tN'8,&c.
-Vew York
Boston
Baltimore
PUlladelph'a,&c

906

950

32

339

7,568 18,537 11,291 1.^,547

34
1,4^2

5
3,923
e,i7»

705

2,032

9,457 24,208

86.608

For comparison we give the following table showing the
week's total- receipts, the total since September 1, 1889, aad.
the stock to-night, compared with last year.
8l>ek.

1800.

705

Mobile
Florida

230,868
27,324
887,332

1,266
12,067
2,148
2,326

Savanuak.
Bruns., Ac
Charleston .

153,.^82

305,007

2,279

194,562
21,980
765,131
119,782
351,787
13,706
145,941
4,341
452,839
358,862
100,294
80,703
66,544
61,111

935
8,270
0,703
3,783

33,772

265,603
21,138

314,591
30,053

30,940
10,000
10,126

72,762.

12,003

5,233

35,316

40,950

3ii,120

5,151
135,721
11,100
3,130
21,557

23,043
230,836
11,200
20,350
12,414

06,503 4,929,327

612,7011

813,775

;

P.Koyal,ic
Wilmington
.

Wash'tn,<*c
Norfolk

West Point,
NwptN.,&c
New York. ..
Boston
Baltimore. ..
Phirdcl'a,&c

34

1,802

60

1,452
5
3,823
6,173

129,692
3,732
376,402
300,067
46,220
00,347
60,007
70,353
58,266

967
13
6,180

881
8,ai3
2,S57
5,003
2,93»

1880.

31,813

. .

steady at $13 50,a$13 for small

IW«I.'

543

34
207

6.52
6i9
6 50
6..!i8
1889-90.
1888-89.
Pork has been more active, and latterly prices have ruled
Receipts to
\SitieeSe/).
This
SiTiee Sep.
Feb. 28.
steadier, there having been a good business to-day at $10 75®
Week.
1,1880.
Week.
1, 1888.
§1125 for new mess, $10 25® 10 75 for olddo., $9 50@$97.5
801,808
12,040
Salveston
7,182
6119,731
for extra prime, and $11 50(a$13 25 for clear back. Beef is quiet
1,130:
El Paso.&o.
1,460
21,288
18,072
at $6 50:a$7 for extra mess, $7 753$8 for packet, $7 50a§8 for
New Orleans. 27,972 1,706,263 22,407: ,518,778
plate, and $11 50d)$14 for extra India mess.
Beef hams

»

Fri.

617

7,248

Sorfolk

Totals this woeh

1,408

4,264

WllmlnRton
Wash'gton,&e

West

Wed.

1,035

6,967
15

1,441

Brunsw'k, &c.
Charleston
Port Royal,&o

Point...

Tun.

9,451
6,121
6,222
2.071
3,624
1,015

20,564

:

86,608 5,373,469

Totals

I

|

April

July

lfi-6io.

May

16-60C.

|

Ai ju':t

IK.SOc.
16-45c.

—an advance for the week of 15 points.

October
|

November

16-35<).
ltf-30o.

Raw sugars are slightly dearer at 5 l-16@5i^c. for fair refining Cuba 5 ll-16c. for Centrifugal, 96 deg. test, a cargo of 8,000
bags of the latter selling for Boston at 3 5-16c., c. and f., and
an invoice of Melado at S'/^c. Refined Sugars are unchanged
at 71 ^c. for standard crushed. Molasses has advanced to 23c.
for Muscovado, 50 deg. test, with a good inquiry at today's
market. The tea sale on Wednesday embraced the large
offering of 11,000 packages, but went off at about steady
prices, except for Formosas and country greens, which were
;

«asier.

Kentucky tobacco has continued quiet, the sales for the
month being only 1,200 hhds., of which 500 for export, but the
market is firm, in sympathy with the West. Seed leaf tobacco
has met with a fair demand, and sales for the week are 1,060
cases, as follows: 350 cases 1888 crop Wisconsin Havana, 10c.
to 12c.
200 cases 1888 crop Pennsylvania seed leaf, 8i^c. to
lOJ^c. 100 cases 1888 crop Pennsylvania Havana seed, 13c. to
13c.; 140 cases 1888 crop State Havana, 12i>^c. to 14c.; 130
cases 1888 New England Havana, 16c. to 37i|c., and 150 cases
Sundries, OJ^c. to 37i^c.; also 800 bales Havana, 64o. to $115,
and 300 bales Sumatra, $1 to $3.
On the Metal Exchange Straits tin to-day made a considerable
advance, selling on the spot at 20-70c. but closing at 20-85c.,
with May delivery at 80' 10c. Ingot copper is entirely
neglected and quotations are withheld Lake last quoted (on
Tuesday) at 14'05c. Lead is steady at 3-87>/^c. Pig iron warrants are quoted are quoted at $17-871^ for March (which is
easier), and the mterior iron markets are very slow.
Steel
rails at the mills are down to $35.
Refined petroleum is quoted at 7J^^c. in bbls. and 9'70c. in
cases crude in bbls., 7'6.5c. and naphtha, 8'lOc. Crude certificate close at 98J^(^99c., a considerable decline for the
week. Spirits turpentine has declined, owing to the smallnessof the regular trade, and closes at 42J^@43c. Rosins are
quiet and easier at $1 15@$1 20 for common to good strained.
Wool has met with more demand. Hops are dull and weak
;

;

—

;

an

;

effort to

advance the import duty

the brewers.

is

strongly opposed by

In order that comparison may be made with other years,
give below the totals at leading ports for six seasons.
Receipts at-

Galv'ston, Ac

New

1890.

1889.

8,651

1838.

1887.

1886.

13,170
22,407
2,279
8,279
3,834

4,802
23,729
2,257
5,265
4,960

5,253
35,846
2,128
8.812
7,324

4.542
27,506
1,166
9,200
5,052
3,016
6,841
4,683
6,118

10,231
1,967
11,521

6>>,223

56.866

Orleans
Mobile

27,072

Savannah.

980

510

803

Point, itc
All others

12,067
2,360
1,437
3,823
7,059
22,514

6,180
15,872
23,372

6,035
6,670
11,334

7,990
4,401
7,394

week

86,608

96,593

65,562

..

Charl'ot'n.&c
Wllm');t'n,&c

Norfolk
SV't

Tot. this

Since Sept. 1

705

we

79.931

1885.

3,533
17,001
1,876
5,494

4,50»

729

5372,460;4{)29,327|4901,45J 4856. 18.'i|4607,H02 1446.900

The exports for the week ending this evening reach a total
of 99,107 bales, of which 59,719 were to Great Britain, 813
to France and 38,575 to the rest of the Continent.
Below are
the exports for the week, and since September 1, 1889.
Wetk Endiiu
Exporttd

Exports

from—
Galveston

New

Orleans..

Great

From

Feb. 28.
to-~

lirifn. France

^^.

5,S«4

1,450

7 314

24,936

19,383

40,338

1.4S0

8,8 2

7,509

7.81)9

a.^sal

Charleston ....
Wilmington...
Norfolk

West

Point....

I.

1MH9. to Feb. 28, 1890

Conti-

1

TotaL
291. K28

31.6SI)

718,0»1 316.809
41.788
151.370 30,326
95.411
49,072 21.21>l
71,936

5,SUi

1911,757

6,687

140,968

7,378

17,874

ai«

4,276

356.139
103.S9U
15.3-14

041

21,831

5,392
3,411

6.657

Great

ly^^

Mobile

Savannah
Brunswick

Sept.

Exported to—

ContU] Total

Ivtt.OSO

127.S0d 1,48) .SW

ILTW
308.259

York.

Boston

Il,8'j7

li)»,698

221.129
104.914

8^.988
37,756
81,080

4,760

Baltimore.

8,334

Total
Total, 1388-80..

S.'M.Sl*

161,988
21 .SM

9,780

...,

Pliiladelp'a,&c

498,156

151.111

N'portNws, &c

New

153.567

81S

611
59,';i9
a'i,\aO

38,875

81.115

110,650

198.874

105.0U

1,300

2.145
81,011
1.103

80,6 -S

8S,1M

90.107 3.311,531 137,7SJ 1,470,121 1.0M.710

8,329 lo,96.) 131.369

3^.118

38B.6ii 1.091 759 S..M>I.1B4

THE CHRONICLE.

322

In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
add similar figures for
cleared, at the ports named.
New York, which are prepared for our special use by Messrs.
Carey, Yale & Lambert, 34 Beaver Street.

We

[Vol. I.

The Sales and Prices of Futures

are

shown by the

following comprehensive table:

pp.
^M.

i

dm

2 ;i^s

00

On
28,

JPeft.

CO -»

Learina

ai-

Great

^"^^'Foreign ^,!"

Britain.

New Orleans...
Mobile
Cliarleston ....

Savannab
Galveston
Norfolk

New York
Other ports
Total 1890...
Total 1889...
Total 1888...

Stock.

rom*.

-^.

4,517

41,911

1,355

None.
None.
None.
None.
None.
600
None.

None.
None.
None.
8,350
4,000

None.
500
3,400
3,450
3,500
None.
None.

77,852
None.
6,000
15,700
15,966
18,500
16,550
15,000

187,841
21,138
13,126
24,249
15,852
16,816
119,171
48,940

75,685

5,117] 70,561

14,205

165,568

447,133

1

4,000
12,300

8,480
13,487

'

53,669
3«,505

23,791
14,235

M

;

•

o

;

I

:

tuations in prices restricted to the narrowest limits. Neither
bulls nor bears felt any confidence in the position, and all
acted with the utmost caution. The bears were deterred by
the small quantity on sale in American markets, which they
felt exposes them to the operation of a " comer," and the bulls
were held in check by the movement of the crop, it having latterly exceeded estimates, and by the very small business in
spot cotton at Liverpool in the past month, giving to the large
stock there a very uncomfortable appearance. So business
was little beyond the manipulation of the hour, in which
brokers might win a point or two from each other. The
weather reports to the Cotton Exchange indicated heavy rains
in the Northern Belt and the South tvest threatening an overflow of the Mississippi River, which would be likely to somewhat retard planting operations. Private letters say planters
are buying fertilizers much more freely this spring. On
Thursday the market developed weakness under free issue of
short notices for March delivery, which were promptly thrown
upon the market, causing some decline in this and other spring
months. To-day the small interior movement (only about
half as large as last year in the towns reported to the Cotton
Exchange) caused a quick advance of 7 points for this crop,
but the market was a little unsettled in the later dealings, the
heavy rains in the Mississippi having materially abated. Cotton on the spot was dull until to-day, when there was a good
business for home consumption at steady prices, middling uplands closing at 11 5-16c.
The total sales for forward deUvery for the week are 254,300
bales. For immediate delivery the total sales foot up this week
3,794 bales, including 2,080 for export, 1,714 for consumption.
in transit. Of the above
bales
for speculation, and
were to arrive. The following are the official quotations for
each day of the past week February 22 to February 28.

—

Ordinary
Bvrict Ordinary
Good Ordinary
Strict

.*lb.

,

89i«

89l6

9

a*
<

*^
I

I

I

I

l:

S2

01

MM
MM

b.

5
2
"^

>^>^
O'OJ

Good Ordinary..

Low MlddlinK
;..
Low Middling...

Strict

Middling

GoodMiddlinK
Strict Good Middling..
Middling Fair
Fair

:

Sat.

Ordinary
Strict Ordinary
Good Ordinary
Strict Good Ordinary
Low Middling
Strict Low Middling
Middling
Good Middling
Strict Good Middling
Middling Fair

f

11%

11%

11%

11%

123,6

12»,6

123,s

123,6 123,6

9I4
IQis
109,8
111,6

813,6
914

10%

8i3,e
914,

12

STAINED.

nion Tnes

Sat.

Strict

Good Ordinary

Low Middling
Middling

[

87,6
HoU- 91,6
day. llO
il0i3,6

IJ

titi

2

8.*:

MMQDM

to to

toto^to

2

a
'

^ t^

toto
030S

2

COM

2
^

loOto

I

^^
WW
?M

-J.

<

2
I

9«:

I

K-MCTM

WW
(f-W

2

WCC
Ota

sP:

I

I

<

2
^

2
''

MWM
^^~^
w°cc
00

1

10% 110%

12

12

UI

<
"^

MM
??
^^

MM
>^>^

f,

toto

2

MMSIM

2

toto

OOM

CLOSED.

!

Oon-

Spec-'TranTotal.
rump.\ul't'n Ht.
]

port.
I

Bat..

Mon

.

.

'Steady

Wed. 'Steady
Thiir.

100

Totall

The

2,080

1,7141

.

Steady

Frl...iFirm

...

i

Holi day.

585
213
145
132
639

1,980

.

Tues. Quiet...

...
...

2,565

213
145
132
739

2
'^

toto
00-j

I

OtM

<i

c

'

g
'

MMOM

^>-^^^

tOM®io

toccata

rot-

to

Cm

<^

0503
CCIO

2
^

K

2

o

S."t
MMWM
MmCM MMOM

3

ecu

"^
toto
8.-1:
1

I

tctc^tc

WW

01

2
"^

2

81=:

I

WW

b.

S

8.":

I

W© W ww'-'w
wds
MM t»
00 5 00 5
da 2 MOO
do) 2
CC

it"Ci

,fa.

y to

M

:

I

'^

00 o

1

I

d-.l=-j

IDM

M
"=1

w

(S

05

Jw.

'

?

2
"

2

S
MMWM
ccoc
ww®w
QD
-XOD

MMtOM

I

CMgo
MC »

:

>

>

K

M

fc.

I

«

5

M*

toco

*^C

?|
to

O

'

w
toto

wot

M
c
01

2
'^

9 tOM
:

,
I

00
^to
iP

2
'^

toto

tow

?
1*

w

M 8 pfcM

MMOM
2? CCCO
toto°io
:

I

9|

i

-<

*"

CO
toto

''to

MtO

M

I

^

C|
to

I

MM > 00
MM
?° 1?
toto

Sm

<
2

a*":

2

® :;>M

toto

b15

2

8r:

M CM
o 00 o 00
M

:

,

;i;

to

1

1

I

®to

* Includes Rales in September, 1889, for September, 147,600: September-October, for October, 640,600; September-November, for November,
636,200: September-December, for December, 957,200; SeptemberJanuary, for January, 1,570,100.
the above table, and shall continue eaoll
1^" We nave Included
week to give, the average price of futures each day for each month. It
will be found under each day following the abbreviation "Aver " The
average for each mouth for the week is also given at hottom of taWe.
c: Monday, ll-15c.; Tuesday,
Trausferable Orders— Saturday,
1115c.; Wednesday, 11-20C.; Thursday, 1115c.; Friday, ll-25c.

m

SALES OF SPOT AND TRANSIT.

SPOT MASKET

Ul

8®:

I

MARKET AND SALES.
The total sales and future deliveries each day during the
week are indicated in the following statement. For the
convenience of the reader we also add a column which shows
at a glance how the market closed on same days.

5

Em >

8.-^:

MMCM
MMOM

•<

CC

PrI.

87,6
87,6
91,0
10
llO
1013,ell0l3,6 1013,6

toOto

'

6\«:
sr:
8
8 6>.^:
MMCM
MMWM
COCO ocoo
oocp 0000
COCO MMWM

&r;

I

12

I

I

toti^to

10%

Wed Th.

2

MooM
roff

tt^Oi

>.

2

>"i^

M

WW

'^

03

9P
wo

M — CM
to to "^ to
MtO O

I

t-l

K^
aw
O

;»

MOM
MmCM
MOM MMOM

8.":

1

rf*-

MM

8.";

1

[a.

— .-f
MMOM
MMOM
CM -O ccw®w
I

toh-

<t>

8=--:

"CC

^
CDOS
si«=:

t.

I

8.®;

U
-M > MM
W05

-M

UI<1

toto
OCCD

2

®*:

MM,(..M

ecu

U' Ol

87,9
91,6

:

fp.

MMX>-

o

to

¥lb.|

MM

1

I

Good Ordinary

^10

I

t"*^

MMOM MMOM
MM<=M ^:.ij,o,i
CM O COP

s =:

I

I

127,, 127,6 127,6 127,6 127-8
1216,6 12i°ie 1216,611215,6 1215,6

Fair..

2

M^ A

ecu

to 10'^ to

8.°;

2

-M

MMOM MMOM

W'^IO

813,6
914

813,6

914

11%

12

M^2

MM b.
MW^2
t-cr;''

Fri.

109,6 109,8 10»,8 109,6
111,6 111,8 !llll« ii'ie
1136
1138 |1138
1138
11»1« 119,, 119,, |119,. ll*,«
1113,, 1113,6 1113itllll3ig 1113,6

a

to to

11%

Tnes Wed Tb.

813,6

lb,

[»

^*^

I

OSC^ttO

U
9^8
9^
106,6 105,6 10i,6
1013,6 1013,6 1013,j
lUs 11% Ills
115,6 115l« 11^16
110l6 11»I6 119,6

nioii

MM

I

I

9 ®:

I

MMOOM

12n,„ 1211,6 1211,6 1211,. 1211,,

GULF.

2
'^

t-*^

ecu

CJ'

«io

|>

2
rt

.

MMOM MMOM
iiii°M -mC,:'
MO ^ t^CP

o

l-'f.'

5^

I

©si*:

CrtM

MM
MM
p,^

8
a.":
MMOM
MMOMM MM OM
MOM MMtC
CM MMOM
M ^M -M®M
W
1^ O'O 01
MM h,

,

tcM 2
OO'M'^

89l6

9

9'8
978
105,8 105,6
lOia,, 1013,6
11% Ills
115,« ll'lg
119l6

©

"g-

Pri

Til.

I

® Mtvp
-"tOc

wccOw

MonlTae* Wed

to

KtOOib

-s).-'3

—

Sat.

:

OB.

.

I

o

—

UPLANDS.

a

en

I

I

The speculation in cotton for future delivery at this market
was qmte dull early in the week under review, with the fluc-

?
to

3:

^go.3

667,998
716,994

147,777
104,645

S:
s

to

:

"^

P-po"

_ ?

;

3^

30,069
None.
1,500
None.
10,516
15,000
7,600
11,000

61,837
40,418

o » 3

Shipboard, not tUartd—for

55,500
42,200
38,100
51,100
67,400

The following exchanges have been made during the week.

3.794 254,300

dally deliveries given above are actaally delivered the
previous to that on which they are reported.

day

•08 pd. to exch. 1.700 Mch.for May.
•14 pd. to exch. 100 Feb. for June.
•05 pd. to exch. 200 Mch. for Apill.
09 pd. to exch. 50O Mch. for May.
•14 pd. to exch. 900 Mch. for June.
14 pd. to exch. 100 April for Aug.
10 pd. to exch. 1,000 Mch.for May.

•06 pd. to exch.
•02 pd. to exch.
regular.
•03 pd. to exch.
regular.
•05 pd. to exch.

600 Mch. for AprlL
100 March s. n. for
100 March

s.

n. for

100 Mch. for April.

BliRCH

THE CHRONICLE

1890, J

1,

The Visible Supply of Cotton to-night, as made up by cable
The Continental

stocks, as well as
those for Great Britain and the attoat are this week's returns,
and consequently all the European figures are brought down
But to make the totals the complete
to Thursday evening.
figures for to-night (Feb. 28), we add the item of exnorts from
the United States, including in it the exports of Friday only.
1889.
1888.
1887.
1890.
Stock at Liverpool
bales 1,043,000 753,000 871,000 930.000
4,500
24,000
15,000
Stock at London
13,000

Bad

telegrapli, is as follows.

Total Great Britain stock. 1,056,000
Stock at Hamburg
1,900
Stock at Bremen
125,000
Stock at AmstcrUara
6,000
Stock at Rotterdam
300
Stock at Antwerp
6,000
StockatHavre
173,000
Stock at Marseilles
3,000
Stock at Barcelona
98,000
Stock at Genoa
20,000
Stock at Trieste
14,000

cott'ii

Egypt,Braail,Ac.,atltforE'Ppe
Stock lu United Stateii ports ..
Stock in U. S. interior towns.
United States exports to-day.

400
1,200
173,000
3,000
54,000
5,000
4,000

314,300

2,800
37,100
30,000
300
1,200
262,000
4,000
42,000
4,000
11,000

394,400

2,887,651 2,681,493 2,365,063 3,058,768

Total visible supply

Of the above, tae totals of American and otker descriptions are as follows

Amencan—

Liverpool stock
Continental stocks

American

Europe...

United States stock
United States interior stocks..
United States exports to-day.
Total American
Bast Indian, Brazil, <Cc.
Liverpool stock
London stock
Continental stocks
India afloat for Europe

•

688,000
192,000
303,000
821,639
298,260
21,864

737,000
296,000
440,000
797,41'J

240,033
26,916

2,361,451 2,183,893 2,324,763 2,543,368

—

212,000
13,000
83,200
190,000
28,000

Egypt, Brazil, &c., afloat
Total East India,
Total American

603,000
159,000
325,000
815,775
252,069
29,049

831,000
364,000
338,000
612,701
206,306
9,354

bales

afloat for

Ac

150,000
4,500
69,100
238,000
36,000

183,000
24,000
122,300
158,000
53,000

193,000
15,000
98,400
170,000
39,000

Quotations foe Middlixq Cotton at Otueb Markets.—
In the table below we give the closing quotations of middling
cotton at Southern and other principal cotton markets for eacn
day of the past week:

497,600 540,300 515,400
2,361,451 2,183,893 2,324,763 2,543,368

Total visible supply
2,887,651 2,681,493 2,865,063 3,058,768
5'S8d.
Price Mid. Upl., Liverpool....
5isd.
6iifed.
5^d.
New York....
103,80.
10>2C.
gose.
115, tc.

The imports into Continental

ports this

week have been

Feb. 28.

At THE Interior Towns the movement—that is the receipts
for the week, and since September 1, the shipments for the
week and the stocks to-night, and the same items for the
corresponding period of 1888-89— is set out in detail in the
following statement.
V»a

SSwS
5-s.^-

E

'hf'^^l-tO'

O CC M M M M W
O O O 00
Q
C O O QD O* <l W O OS W

HMit*.!*^
QD •J
CO CD CO
Ul 00 H' )^
Oi 05 CC H* <1
10 <l
05

O

O

o

New Orleans
Mobile
Savannah...

10»B

Charleston.

10l>8

100,

Wilmington.

^

lOOg

1o
n

11>2

Norfolk

Boston
Baltimore...

PhUadelphla
Augusta ....

Memphis

10%

.

Louisville.

..

10»8
lOOg
IOI9
10»8
lOag

ICs
10%

10<>8

10»8
10»8
lOSs

10%

10%

lOiu
lO'e

10»8
lOTg

11

11

11

llJfl

im

U».s
109,«®58 109i«'lo8
lOOg
10»8

...

Louis
Cincinnati

10»8
100b
10»,«
10»8
10»8

11>9
ii»e
11»18
IOBb
101^
10«8
lo's

im

St.

0»—

Thur:

rrL
10°«
10°8
loia
lOSg

10»B
IODb
lOifl

10<>i
10l>8

10%

im
im

11>«
ii>e

ll»ie
10<^

10»8

ii»i«
10°g
10»8
10»g

ICe

10''8

11

11

10<>8

The

closing quotations to-day (Friday) at other important
Southern markets were as follows:
Atlanta
lOSs Rome
lO'ig Little Eock....
10*
Columbus, Qa.
lO^s Montgomery..
IO^b Selma
lO"*
Columbus, Miss
10^4 Nashville
lO^a Shreveport
lO"*
Eufaula
10°8
lO'is Bnlelgh
Receipts From THB Plantations. The following tabl«
indicates the actual movement each week from the plantations.
The figures do ,not include overland receipts nor Southern
consumption; they are simply a statement of the weekly
movement from the plantations of that part of the crop which
Anally reaches the market through the outports.

—

WUk

Ree«<pt< at the Portt. Stltat InUtior TowtUn Bee'vUfTom Plant 'nt.
1889.

1988.

Jan. 84
"
81
Feb. 7.
"
14
"
21
"
28.

1890.

1

1888.

1889.

1

1890.

00,130 177,821 148.892 398,012 389,843|325.079
98.088 156,354 158,266 379.556 301,2.19;287,684
1

.

99,5'^3l

128,347 140,253 368.663 336,521 280,548
99.965 360.441 320,287 259,957

84,13'! 135.870

69,024
...

8o.5«2

83,218 350,614 297,545 239,995
88,a08l324,5«8l270.972 222.979

96,350
96.593

1888.

1889.

1890.

64,810 160.371 112,991
80,212 128,950 122.070
88,690 101,629 132.917

75.915 119,436
59.197 73,808
70,020

39.686

79,374

83,2m
89,»8*

—

The above statement shows: 1. That the total receipts from
the plantations since September ], 1889, are 5,583,004 bales; ia
1888-89 were 5,184,924 bales; in 1887-88 were 5,203,217 bales.
2,
That, although the receipts at the outports the past week
were 86,608 bales, the actual movement from plantations was
only 69,593 bales, the balance being taken from the stocks at
the interior towns. Last year the receipts from the plantations
for the same week were 70,030 bales and for I880 they wer«
39,586 bales.

—

—

Amount op Cotton in Sight Feb. 38, In the table below
we give the receipts from plantations in another form, and add
to them the met overland movement to Feb. 1, and also the
takings by Southern spinners to the same date, so as to give,
substantially the amount of cotton now in sight.
1888-89.

1887-88.

1886-87.

Receipts at the ports to Feb.28 5,372,469 4,929,327 4,901,459 4,856,18&
Interior stocks on Feb. 28 In
excess of September 1
210,535 255,597 300,758 217,931

1^

Tot.recelptsfromplantat'ns 5,583,004 5,184,924 5,202,2175,074,116
Net overland to February 1
792,413, 583,220
718,025: 689,589
Southern consumpt'n to Feb, 1 270,000| 2e5,000| 240,000| 194,000
. .

*(>.

>-' iPk

10»8
10<%

Wedne*.

Tutt.

1889-90.

OP
p.

pg:

E; Pi

tQi^

H

CD

pF
Q
^KH^^P'a-

o

OtOOOtO

»o 2-OB

tfo a'^ c 2,S'5^?»
» a
S-S a

S

Hon.

Satur.

Oalveston...

89,000 bales.

The above figures indicate an increase in the cotton in sight
to-night of 206,158 bales as compared with the same date
of 18!39, an increase of 22,588 bales as compared with the
corresponding date of 1888 and a decrease of 171,117 bales
as compared with 1887.

CLOBINO QCOTATIOMS FOB MISDLDia COTTOH

Week endiTia

526,200

PrlceMid.Upl.,
,

The above totals show that the old interior stocks haye
decreased during the week 17,135 bales, and are to-night 4.'),673
bales less than at the same period last year. The receipts at
the same towns have been 18,641 bales less than the same
week last year, and since Sept. 1 the receipts at all the towna
are 101,243 bales more than for the same time in 1888-89.

945,000

985,600 1,209,300 1,339,400
238,000 158,000 170,000
325,000 303,000 446,000
36.000
53,000
39,000
815,775 821,639 797,419
252,069 298,260 240,033
29,049
21,864
26,916

338,000
28.000
612.701
200,396
9,354

afloatfor Eiuom!.

400
800

228,100

Total European stocks.. .. 1,503,200
190.000
India cotton afloat forEurope.

Amer.

895,000
3,800
45,900
24,000

113,000
4,000
46,000
6,000
9,000

447.200

Total Continental stocks

757,500
3,000
25,900
20,000

323

IH-

Total in sight February 28. 6,671,029 6,139,513 6,234,630 5,851,338
Oi«D'-'Ci**.K:Ci:tOM-4p-'mw*<'<icooi'^OD

"h-0»aiy<b WMtOOX*».H'QCM05*'-JCSM
•^ -^ CO 05 05 tCi

00*
CO

If*

MOi Ht O to CC 0» W t^ O! © M W 00 CO O ^ to
to 00 -^ -q

CO*J

M •q CD CO O
N- to

05 Oi CO -1

(*«.

Cfl

O

C;t

OKI

i^Oi

-^I

Ol

O 05 CO CD O M
*>'

05

t«*.*^lCtaMQOOD

MOVi en to CO o"^ o
C ^ O C to *. 00 o to 05

CO <1 V|

1*^ i-t

c;(

it)^

COOl

M

© r- to *" © re CC
CO 00-4
COU'pOiCDC ^ - © ©

CJtw-jtpw-g-g
ot_;x!

©locj^ — ©toto tccow'

o

00

© © *5 to to
— to©©co

rfk

I

Xi©rf^©tOtOtC© ©CJ»tOo^ito--

©05©©XO©QD

kO«l(kODtC)^QD

R-Cs

(fw

<IK IOtO*-N-fcCi-i <1© i-» t» CD t- to to 00 »
CO CO «J CD CD CD H^ -^ O: tb. to © CX) M CD CO O en
^.MCRMWCDtOtO ©©tOOC^CD^^lF-COOlCD

OtIOCOtOXOCO

i-t

h-

h-OiO'-^O — IOO'MCOICQtvatOStOOOiO

to*

05

l(k.

O to tC W W
M 03 © 5C <i CO

03

Clt^t^Vt*

c to c:

It will be seen by the above that the Increase in amount In sight
to-night, as compared with last year, is 431.516 bales, the increase aa
is

to«0

en CC

Northern spinners takings to
February 28
1,470,986 1,428,649 1,410,089 1,223,104

compared with 1887-88

M

CO

ootooM

*».

O O ^ ^ ^ O 00 OD CD if^tO <1 CO

I:

sxroc

ICC

if^

CO 00©

la*

If

V — w re

cji c;i

1^ to

MOO

Ml**•

CO

CI
CO
H>

*».rOrvtOtO(C0DM ODtO

W

-

acDtoc

cooowcocc
tsatci^cD

—

—

—

being 80, and the lowest 46.
It has rained on two days of the

Huntsville, Texas.

t

—

week

himdredths of an inch. The thermometer has averaged 64, ranging from 48 to 80.
to
<|0,. COCS^Wll^>-«ifc*J
Dallas, Texas. We have had rain on two day^ of the week,
c CD cc 10 to
rf^Ait-coo:;
just as needed, the rainfall reaching eighty hundredths of an
to O X *- M ^1
inch. The thermometer has ranged from 85 to 84, averag1889 H(?are» are for Palestine.
1889 tlKures are for Petersburg, VaLouisville In botli years are " net."
ing 60.
i TUs year estimated.
it^ ;

05CCtOCCC0<

O

:;»

•

to the extent of sixty-eight

—

'

336,399 bales and the iucroase over 1836 87

Weather Reports by Telegraph. Reports to us by tel*-,
graph to-night indicate that in some districts of the Gulf States
and of Arkansas and Tennessee the rainfall has been heavy
and an overflow of the Mississippi River is apprehended. Elsewhere the rainfall has in general been light.
Oalveston, Texas. There have been light showers on two
days of the week, the rainfall reaching seven hundredths of
an inch. Average thermometer 64, highest 75, lowest 53.
Palestine, Texas. We have had heavy but beneficial rain
on three days of the week, the precipitation reaching one inch
and eighty -seven hundredths. The thermometer has averaged
63, the highest

05

is

719,693 bales.

1

THE CHRONICLE.

324

San Antonio, Texas.— There have been six days of
*nd fogs the past week, the precipitation reaching

India Cotton

drizzles

sixteen

'

Average thermometer 45, highest 81,
lowest 63.
Imling, Texas. It has been showery on two days of the
•week, the rainfall reaching twenty hundredths of an inch.
The thermometer has averaged 68, the highest being 82 and
the lowest 44.
Columbia, Texas.
have had dry weather all the week.

I

hundredths of an inch.

ContiBrien. nent.

all

—
—

Oreat

OontU

Britain,

nent.

1890
1889
1890
1889
others—
1890
1889

1890
1889

l.OOO
1,000

Bombay
All other ports.

Total

Bhreveport
Ylekaburg

5

1

25

8

Jan.

280,000
51,000

33,000
3,000

330,000
66,000

331,000

36,000

1.

Since

This
week.

Jan.

23,000
6,000

175,000
60,000

396,000! 29,000

235,000

1.

Since
1.

1889-90.

1887-88.

1888-89.

55,000
2,958,000

36,000
2,760.000

38,000
2,526,000

Since

This
-Since
week. Sept. 1.

This
week.

4.000 191.000
6,000 109,000

1.000 208,000
2,000 125,000

5,000333,000 10,000 300,000

3,000 333,000

Sept.

I.

/Since

Sept. 1.

3,000219.000
2,000 114,000

5,000 bales.

—

Manchester Market. Our report received by cable to-night
from Manchester states that the market continues quiet for
both yarns and shirtings. Manufacturers cannot sell. We
give the prices for to-day below, and leave those for previous
weeks of this and last year for comparison:
1889.

1890.

8H

32» Cop.

d.

J'n24

d.

8>a 'SS^'a

" 3l!8i3 BS's

Ootl'n
lbs.

s.

d.

6 4
6 4

a.

d.

a7< 4

6

4 a? 4

" 14|838 a8«t

6
6

3

2l!8^'6«'8%

2318%

®8^

16

d.

ST 4

Feb.7 8>« »8'8
'

Mid.
Uplds

Shirtings.

Twist.

«7

2i2*7
3 -a7

3
!

Twist.
A.

d.

61s
6li6

7i5|8'S8'ie

6
61,

8iie «89,R
7i5,ea8''i6
7i5,ea8''if

6i,«

715,B®8'i«

6H«

1\

32« Cop.

7i5,e®8'if

8H

Cottfn
lbs.

Shirtings,

m
d.

®7
®7 lis'
®7 24
»7 II9'
®7 IH'
a7 l>a

Mid.
Upldt
d.

5»s
5Ja
5»i
atia
5»i8
5»8

East India Crop.— The Revenue and Agricultural Department of the Government of India, issued under date of
Calcutta, December 30, the final report for the season of 1889
on the cotton crop of the Punjab, as follows:
The area under cotton

4

11

20

1888.

This
week.

This statement shows that the receipts for the week ending
Feb. 26 were 55,000 cantars and the shipments to all Europe

Inek.
2

1

1889.

52,000

Total Europe

28, 1889.

4

51,000
66,000

A eantar la 98 pounds.

Feb. 27, '90. Feb. 28, '89.

KasliTllle

30,000
20,000

Since

To Liverpool
To Continent

—

9

21,000
40,000

Exports (bales)—

Stateburg, South Carolina. Telegram not received.
Wilson, North Carolina.— Rain has fallen on two days of
the week to the extent of seventy-three hundredths of an
inch.
The thermometer has averaged 55, the highest being
80, and the lowest 30.
The following statement we have also received by telegraph,
showing the height of the rivers at the points named at 3

25

3,000
7,000

7,000
3,000

45,000
7,000

the week.

Feet.

1,000
2,000

6,000
2,000

This
week.

—

7

2,000
5,000

15,000
18,000

Receipts (cantara*)
This week
Since Sept. 1

being 84, and the lowest 39.
Charleston, South Carolina. There has been no rain all the
week. The thermometer has ranged from 41 to 79, averaging

Inch.

33,000
41,000

6,000
3,000

February 26.

Augusta, Georgia. The weather has been pleasant during
the week, vidth light rain on one day to the extent of twentythree hundredths of an inch. The thermometer has averaged

15

23,000
21,000

9,000
15,000

Alexandria, Egypt,

—

HH
39
19
46

10,000
20,000

—

—

Feel.

6,000
3,000

Alexandria Receipts and Shipments. Through arrangements we have made with Messrs. Da vies, Benachi & Co., of
Liverpool and Alexandria, we now receive a weekly cable of
the movements of cotton at Alexandria, Egypt. The following
are the receipts and shipments for the past week and for the
corresponding week of the previous two years.

—We

Above low-water mark.
Above low- water mark
Above low-watermark.
Above low-water mark.
Above low-water mark

Total.

1,000

Jan.

—

tfempliis

Continent.

1.

1,000

This
week.

from—

Montgomery, Alabama.— Vfe have had rain on three days of
the week, the rainfall to last night reaching seventy-hun•dredths of an inch. The precipitation has been heavier since.
The thermometer has ranged from 40 to 81, averaging 65.
Mobile, Alabama. Rain has fallen on three days of the
week to the extent of one inch and eight hundredths. Plan ting preparations are well advanced. The thermometer has
averaged 66, ranging from 49 to 75. Month's rainfall two
inches and fifty-six hundredths.
Selma, Alabama.
have had rain on four days of the
week, the rainfall reaching four inches and seventeen hundredtns. Average thermometer 64, highest 80 and lowest 42.
Auburn, Alabama. Rainfall for the week one inch and
twenty-six hxmdredths. The thermometer has averaged 63'3,
the highest being 79 and the lowest 41-5.
Columbus, Georgia. There has been rain on three days of
the week, the precipitation reaching one inch and fifty-nine
hundredths. The thermometer has ranged from 43 to 72,

New Orleans

Oreai
Britain.

,

1890.

Shipments
Europe

to all

29.

and February

1.

543,000
574,000
352,000
380,000

The above totals for the week show that the movement from
the ports other than Bombay is 4,000 bales more than the same
week last year. For the whole of India, therefore, the total
shipments since January 1, 1890, and for the corresponding
periods of the two previous years, are as follows:
EXPORTS TO EUPvOPE FROM AW, INDIA.

water mark, and rising. The indications are that we will
have the highest water on record. The rainfall for the week
has been four inches. Average thermometer 54, highest 79,

o'clock February 27, 1890,

280,000 80,000
330,000 81,000
17.'i,000 55,000
212,00047,000

Total all-

— Wn

63.

,

5,000
2,000

1.000
1,000

—

64, the highest

Since

Jan.

Week.

All

Helena, Arkansas. There has been too much rain during
the week for farming operations, and an overflow of the river
is threatened.
Rain has fallen on four days of the week, on
two of which heavily, the precipitation reaching four inches
and twenty-one-hundred ths. The thermometer has ranged
from 26 to 74, averaging 55.
Nashville, Tennessee.
had rain on five days of the
week, the rainfall reachitg four inches and fifty hundredths.
The thermometer has averaged 51, the highest being 77 and
the lowest 25.
Memphis, Tennessee.— It has rained on four days of the
week, but the weather is now clear and cold. The river at
eight this morning was thirty-one feet eight inches above low

all

ThU

Shipmtnti since January

„
Total.

Madraa—

—

—There has been no rain
64, highest 80, lowest 41.
—

Eeeeiptt.

1.

Total.

Calcutta -

—

63.

B) itain

Shipmenta for the week.

—

Savannah, Georgia.
Average thermometer

receipta

According to the foregoing, Bombay appears to show
a decrease compared with last year in the week's receipts o f
1,000 bales, and an increase in shipments of 12,000 bales, and
the shipments since January 1 show a decrease of 50,000 bales.
The movement at Calcutta, Madras, and other India ports for
the last reported week and since the 1st of January, for two
years, has been as follows.
"Other ports" cover Ceylon,
Tuticorin, Kurrachee and Coconada.

week. The thermometer has averaged 70.
week, the rainfall reaching sixteen hundredths of an inch.
Average thermometer 65, highest 83, lowest 48.
Shreveport, Louisiana. Eainfall for the week one inch and
six hundredths. Average thermometer 61, highest 80, lowest 35.
Colunitnis, Mississippi.
We have had rain on three days of
"the week, the rainfall reaching six inches and sixteen
hundredths. The thermometer has averaged 58, the highest
being 70, and the lowest 30.
Oreenville, Mississippi. There are grave apprehensions of
*n overflow. The week's rainfall has been one inch and
seventy-four hundredths. The thermometer has ranged from
86 to 76, average 55.
Leland, Mississippi. The week's precipitation has been one
inch and seventy-four hundredths. The thermometer has
averaged 61 4, ranging from 37 to 82.
Vickslmrg, Mississippi.— It has rained on four days of the
week, the rainfall reaching two inches and twenty hundredths.
The thermometer has averaged 65, the highest being 78, and
the lowest 50. During the month of February the rainfall
reached four inches and eighty hundredths.
Little Rock, Arkansas.
We have had rain on six days of
the week, the rainfall reaching two inches. The weather is
now clear and cold. Streams are all very high and roads almost impassable. The thermometer has averaged 52, ranging

averaging

Oontinenl.

Oreal.

Total.

1890 1 ,000 44,000 45,000 45.000 235,000
1889 9,000 24,00033,000 101,0001229,000
1888 3,000 20,000 23,0001 27,000, 148,000
1887 6,000 17,000 23,000; 50,000| 162,000

—We
67, ranging from 54 to 80.
Brenham, Texas. —We have had showers on two days of the
Nnv Orleans, Louisiana. —Thera has been no rain
the

lowest

Shipmentt since Jan.

\8hipmeittM thit week.
ttar\ Greai

The thermometer has averaged

to 78.

Movement from all Ports. —The

Ii.

and shipments of cotton at Bombay have been as follows for
the week and year, bringing the figures down to Feb. 27.
BOMBAY RECEIPTS AND SHIPMENTS FOE FOUR YEARS.

—

fr5m 30

[Vol.

,
'

this

year-l 888-89— hns been very conaWerably

in excess of the area under this crop last year, but it is dtsappolntins to
have to report once more that the outturn, except in a very few
districts, has been decidedly poor, and little, if at all, better than th»t
reported last rear.
The area under cotton in the Puryab this year is 964,000 acres, as
against 756,300 acres last year. This is an increase of 207,70i) acres
or 27 per cent: the estimated ateri shown la the forecaat of July last
was only 651. ?00 af-rcs. a'pd the flsu'es of thii preaeat return therefore
show an improvement of no less than 312, -OO acres or 48 per cent.
This is due to the considerable areas sown with cotton In this provluoe»

I

I

March

leiO.J

1,

I

HE CHRONICLE.

especlallj in the Delhi Division, after the commonoonient of theguuimer
raiDs. afttr the iliile of he first forecast, or too late for Incliislnn in iia
figures. Tlie lucre. 86 111 area this year over that of last yt-ar was 18
per ctnt on irrlgattd land ant 41 per oeut oa landdepCLdent on the
*
*
rainfaU.
The gross ootturn this year Is estimated as 149,'S.^2,300 seers or
as cgalnst an
2,670,577 owts., thowlug an lncrea:<e of 29• per cent,
•
»
Increase of 27 percent in the area powij.
The cotton crop of 1888-89 was dicidoily betier as regard* area so«rD.
year, and
of
latt
but very Utile better as regiirds outturn than that
cannot be classed as luuch more tban the "halt an average crop," at
which the oroji of last year was c.itima'ed.
Taking 16 annas as an averajie crop for the whole province, the crop
would probably be over-estimated. It i-i to be f.-ared. at 12 annas,
althciugu the li^ures given from the dl^ti let repo'ts would give a slightly
better arithmetical UTtrage; 10 annas would probably be a aater
tstlmate.
1

326

The Exports of Cotton from New York

Exported lo~

Liverpool

Other British ports..

India Cotton Movement in 1889.— We have received this
Tot. TO Gt. BBirH.
week the circular of the Bombay Couipatiy, Limited, issued
in Bombay on January 31, vrhich covers tlie exports from all Havre
Other French ports.
India ports for the year 1889, and we find that the total
Total Fcexcn ...
amount there given, as sent to Europe, differs but slightly
from the result published nearly two months ago in the Bremen
Hamburg...
Chronicle of January 4, page 41. The Bombay Company's Other
ports
.

statement

is

as follows:

Oreai Britain.

Kurrachee...
Calcutta

-.....

Madras
Coconada. ..,,..
Tuticorln....

Total bales

By

Fib.

6.

13.

Continenl.

Total.

Total Spaik, 4o

393,648
16,085
35,606
69,974
11,750
86,358

929,848
24,975
53,020
14.318
17.409
20,010

1,323,496
41,060
88,626
84,?92
29,159
106,368

613,421

1,059,580

1,673,001

week show a

Total
tlnee
8ept.l.

Ftb.
27.

8,040
1,737

period

preHout
wear.

2fl6.188i

11,070 16,3.33 20,187, 9,786

60 251

346,811
105,938

350,439

452,849

874

1,429

770

813

31,415

42,179

874

1,439

770

813

31,445

42,179

381

703

5,415
2,262

1.864
1,465

690^ 1,016
134' 3,601

2.205

19,183
44,903
37,021

30,743
4H,61S
83,454

2,519, 6,822

101,107

162,811

2,S»0
6,693

8,108
11,163

l,69!y'

699

501

453

699

50'

453

9,548

19,271

20.005 a2.503'23,526 ITStI'

498,^34

677,110

.1

..

Gkakd Total

F,b.
20.

5,894 11,049 15.838
6,176 5,284 4,349

Tot.toNo.Edropb 8,061 4,032

E.XPORIED KBOH -

Bombay

rtb.

Sp'n.Op'to, Glbr., 4c.
All other

1889.

this

decreas ecom pared with last week, the total reaching 17,874
bates, against 33,.V30 bales last week.
Below we give our
usual table, showing the exports of cotton from New York,
and the direction, for each of the la«t four weeks; also the
total exports and dir<ction since Sept. 1, 1889, and in Ibe last
column the total for the same period of the previous year.
EXPOBTSOf COTTON (BALES) PBOM SBW YOBK SI!«CB SBPI 1. 1889.
Week Ending—
Sam*

Shipping News.— The exports of cotton from the United
States the past week, as per latest mail returns, have reached
101,883 bales. So far as the Southern ports are concerned, these
are the same exports reported by telegraph and published in
the Chronicle last Friday. With regard to New York we
include the manifests of all vessels cleared up to Thursday.

Chronicle of January 4 it will be seen
.
Total l>ale$.
that our annual total was 1,671,000, and this total Is 1,673,001, New York— To Liverpool, per steamers Adriatic, 1,706....
City of Chester, 1.602 ...Cutlc, 706....Oalila, 946....
or a difference of only 2,001 bale* practically no difference
Nararja, 2,330. ...Wyoming, 763
8,019
at all, as al> cable results are given in round thousands. As
To Hull, per steamer Galileo, 1,037
1,037
To
London, per steamer Sorrento, 500
500
we have stated in previoas years, this substantial confirmation
To Newcastle, per steamer Corona, 200
200
reference to the

—

is gratifying, as it is a matter of considerable
compile the figures on account of interchanges
between the variotis India ports.
A later mail brings us the cotton report of Messrs. Lyon &

of our figures

diflaculty to

Co.,

and

it

places the total exports at 1,676,377 bales.

Exports of Cotton Goods from Great Britain.— Below
the exports of cotton yam, goods, &c., from Great
Britain for the month of January and f iace October 1 in
1869-90 and 1888-89 as compiled by us from the British Board
of Trade returns. It wiU be noticed that we have reduced
.the movement all to pounds.

we give

lamJclhrtad.

low Of All.

Clot*.

To Havre, per steamers La Gascogne, 793 .. MarcU,
To Bremen, per steamers Saale. 471
Werra, 515

20...

ToHamburir, per steamers Bohemia, 1,115. ...Dania, 986
Taormina, 1,500

To Antwerp, per steamers Illinois, l,084...PennIand, 1,121
To Genoa, per steamer Entella, 453
New Orlbans—To Liverpool, per steamers Cadiz, 6,000....
Gleumore, 2,694
Teutonia, 4,5.53
To Havre, per steamer Montevidean, 4,835
To Hamburg, per steamer Australia, 3,677
To Pasages, per bark Premier. 1,100
Galveston-To Liverpool, per steamer Ethelburga, 5,226
To Bremen, per steamer Tit.auic, 3,500
.,
ToVeraCruz i>er steamer Whitney, 2 i7.
Savannah— To Bremen, per steamer Osmanll, 6,553
To St. Petersburg, per bark Strauss, 2.850
Brunswick— To LiverpDol, per steamer Propitious. 5,319
CHARLtsTON—To Liverpool, per steamer Palatine, 5,054
Norfolk— To Liverpool, per steamers Lockmore, 6,933

227

...

Princlpia, 300....Sicilla, 1,119

JUm.
iio.ice

101J81

Ontario, 1,874 ...Roman, 1.314 ...Virginian, 2,301

72.490

61,469

70,283 1,847,048 1.297,0e« 886,785 839.330

894,804

306,053

83.611

83,111

98.832

loi.rss

671
8,075

788
7,8P4

401 .783'

41^688

1889-90.

1888-9.

,

November...
December...

Lbl.
83,847
83,914
20.308

86,010
22.037

Tot.l>t qnar.

Janturr

Ootol)er

Tia.

82,178

Yds.
488,527
435,840
898.699

42:>,44f

427.7B2
39S.834

431.48e

413.715

Lbt.
76.990

84.096

77.775

79,244

71,970

75,821

Lbt.

78.442

Bleckiogs and sooka.

Sondry

_

articles

Total exports cotton mannfactgreB

I

91,666

The foregoing shows that there has been exported from the
United Kingdom during the four months 401,783,000 lbs.
of manufactured cotton, against 415,633,000
a decrease of 13,906.000 lbs.

lbs. last

year, or

The FoLLOwiNa are the Gross Receipts of Cotton
Boston, Philadelphia

week, and since September

NlW ?OBE.
Btctipti

Thii
Since
lOMk. Sept.l.

from—
n. Orleans.
Tjizas

taTannab

3 7691
10.182

1,

at

and Baltimore for the past

1889.

BOSTON.

PaiLADELPH'A

TMt

ainc<

TMt

Since

week.

3<p(.l.

week.

Sept.l.

BALTIMOBI.
Thli
week.

Since
Sept.l

185.588

3,897

848.633
869,360

1,266

13.938

3S3
897

69,396

8,433

807

si.sas

8,962

1,833

88,348

Molilla

Ilorida
Bo. Carol'a.
Ho.Carol'a.
Tlrilnla...
Rorthn pti
Venn., &o..
ForelKO....

605

6,739

40
2,633
1,398

50
800
1,863

101.383
particulars of these shipments, arranged in our usual
form, are as follows:
Hull,
Antw'p
Tar.'.

The

London
vool.

Bremen <t S'. Oetioa mouth
flew<t Ham- P-Ueraand <t Vera
caiUe. Havre, burg. burg. Paeaaet. One*.

New

York.

8,049

1,737

xt

N. Orleans. 13,217
Galveaton..
Of^£fi

Savannah

Charleston.

Norfolk ...
West Point
N'p't

**

' ~813 4,617
2,205

4,835

•«••

.

Brunswick.

News

Boston ....
Baltimore
PhUadelp'a

5.349
5,054
8,352
3,233
3,067
6,739
2,H33
1,863

Total.... 62,812

3,677
3.500
6,552 2,850

453
1,100

605
3,411

1,737

1,448

500

5,643 23,310

5,555

1,553

Total.

17,874
32,859
227
8,953
0.402
5.349
9,054
8.057
6,644
3,067
40 6,779
4,581
1,863

267 101,333

Below we add the clearances this week of vessels carrying
cotton from United States ports, bringing our data down to
the latest dates:

Oalvbston—To Liverpool -Feb. 22— Steamer Atlantis, 3,357.
New ORLEANS-To Liverpool— Fel). 21—Steamers Callfornian. 2,l83j
Navigator, 3,594; Wm. Cliffe, 7,318. Fel). 25-8teamer Merchant,
4,400. ...Frh.
efficient,

8.691

•

•

••-

1.885

76.113

83

31.807

803

10,473
S,(i87

866

90,469
4.889

818,881
67,837

1,938

8.818

This jsar 89,518

1,085.834

16.871

353.820

6.536

76.206

8.137

119,894

89,481 1,193,618

I2,3i0

870.930

703

76.573

9,968

219.315

.

Pennsjlvanla, 1,863

8,35*

3,233
3,411
3,007

27— Steamer

Gallego, 2,13S.

To Bremen-Feb. 22— Steamer Angers, 7,419. ...Feb. 26— Steamer

1.368

Last year

To Yarmouth, per steamer Dominion. 40
BALTI.MOEE— ro Liverpool, per steamers Barrowmore, 630
Queensmore, 2,003
To Bremen, por steamer Rheln, 1.399
To Hamburg, per teamer California. 50
To Antwerp, per steamer Glengoil, 500
Philadelphia— To Liverpool, per steamers Lord Cllve and

Liver-

JUTB Butts, Bagoino, &c.— There is a fair trade reported
in the bagging market, and orders are being placed at 6}4c.
for 1}4 lb., 7c. for 1^ lb., 7^c. for 2 lb. and 8>^c. for standard
grades. Only a moderate inquiry is reported for jute butts,
and prices are quoted at 1-60;^ l^^c. for paper grades and l^i^
2)^c. for bagging qualities.

New York,

,

rotBl

453

6,552
2,850
5,349
5,054

Lbl.
103.837
101,689
92,878

'89-90. 1888-9.

1888-9.

3,601
2,205

13,247
4,835
3,677
1,100
5,226
3,500

To Bremen, per steamer Golden Hoi n. 605
West Point— To Li verpool per steamer Prlnclpla, 3,233
To Bremen, per steam t Oohlen Horn, 3, til
Newport News— To Liverpool, per steamer
3,067
Boston— To Liverpool, per steamers Catalonia, 1,250 ...Lake

89-90. 1888-9. 1889-90.

813
1,016

4,397

3.554
8.891
65.034
865

1,754

67,999

6.000

61,668

.

To Barcelona and Malaga— Feb. 24— Steamer Ponoe de l>on, 3,283.
To Genaa— Feb. 22— Steamer Crown, 4,600.
Savannah- To Liven'ool— Feli. 25-8te!Uuer Kirtle, 3,832.
To Nordkoping— Feb. 25— Bark Orskar, 1,450.
CHARLESTON— To Bremen-F<-b. 22 -Steamer Neto, 4,450.
To Nordkoping— Feb. 24— Bark Neptun, 2.175.
Norfolk -To Bremen— Feb. 24— Steamer Monarch, 5.392.
Boston—To Liverpool— Feb. 19 -Steamer Bostonlan, 2,364 ...Feb. 21—
Steamers Cephalonla, 1,361; Palestine, 1,035. ...Feb. 25—Steamer
Venetian,

.

To Yarmouth— Feb. 25— Steamer Yarmoatli, 216.

THE CHRONICLK

32(i

Bju-TIMOBB— To Liverpool— Feb. 19— Steamer YorksMre, 3,221,
To Havre— Feb. 25— Steamer Eleotrique,
To K')tter.l»m-Fob. 25 -Steamer Ohio,
Fhiladelphia— To Ltverpool-Fob. 25— Steamer Brltisli Princess,
Octton freights the past week have been as folio nrs:
Baiur.

Tutl.

Do

'32

'sa

'32

'S2

• >••

>...

....

....

late deliv'y.d.

Havre, steam
Do saU
Bremen, steam ..

c.

H

38

H

e.

....

».•

....

•

«.

•

m.

Wtdna. Thur$.

Man.

-•

^

»8

••

.»•

»16

»1«

"is

»1«

..-•

....

....

....

....

Hambtirg, 8team.c.

I'sa

I'sa

"32

"32

"s«

Do via Indlreotc.
Do
Do

sail

d.

»»64'*l>16

d.

....

Baroelona.steam d.
Genoa, steam., .d.
Trieste, steam. ..d,

Antwerp, steam

...'.

....

60*

isei-s-isis

"64»'>1«

M

Indirect.. d.

Beval, steam

^1«

70*

70*

70'

70*

o

•>.

....

....

ADuVd'm, steam.e.

l»M»''l8 leg^asij
Oia

"is

....

.-«•

..••

Sis

518

Bl8

^18
^18
'l8
i3g4aT32 1864^732 I3e4'3'a2 ^^e4'^'8a ^^ei'^'aa
I

I

d.

I

* Per 100 lbs.
LrvEllPOOL. By cable from Liverpool we have the following
statement of the week's sales, stocks, &c., at that port.

Feb. 7.

week

34,000
2,000
Of whloh exporters took
1,000
Of whlob speculators took. .
28,000
Bales American
Aotnal export.,
8,000
71,000
Forwarded
1,006,000
Total stock—Estimated
Of whlob American—Estlm'd 799,000
Total Import of the week
93,000
Of which American
75,000
Amount afloat
188,000
Of which American
163.000
bales

Feb. 14.

Feb. 21.

Feb. 29.

37,000
39,000
40,000
2,000
2,000
3,000
2,000
2,000
2,000
31,000
32,000
33,000
9,000
5,000
13,000
70,000
65,000
64,000
,014.000 1,027,000 1,043,000
806,000 813,000 831,000
88,000
83,000
96,000
73,000
67,000
82,000
193,000 205,000 184,000
158.000 159,000 140.000

The tone of the Liverpool market for spots and futures each
day of the week ending Feb. 38, and the daily closing prices
of spot cotton, have been as follows:
Spot.

Saturday Monday. Tuetday.

Market, ?
1:4S p. u.\

Dull but

In buyers'

Irregular.

favor.

Dull.

Mld.Upl'd8.
Bales
Bpec.

<Se

Wednet. Thurid'y.

doing.

6li8

6iia

61i6

6lia

61l8

3,000

6,000

4,000

500

500

300

8,000
1,000

9,000
1,000

exp.

Dull.

tinsinest

7,000
1,000

Ihitures.

Steady

Market,
4 p.m.

?

1-64 <» 2.64
decline.

Dull at
2414 deolioe.

Steady.

Steady.

'

ai

Quiet at Steady at Steady at
partially
l-e4 departially
1-64 dec.
Wladv.
cline.
Steady.

Steady.

Quiet and Quiet but

Quiet.

steady.

ateady.

\

The opening,

highest, lowest and closing prices of futures at
Liverpool for each day are given below. Prices are on the
basisof Uplands, Low Middling clause, unless otherwise stated.
are given
T^e prieei
in penee and 64f4t
/lut: 5 63 meant
,
_
.__.
ff
.64d.. and 6 01 mtant 6 l-64d.

„

Sat., Feb. 2'^.

0p«n

Bitti

Low. OUa

Mon., Feb.
Open Bigh

IjOill.

It

d.

d.

i.

d.

d.

6 83
5 63

6 00

663

5 63

5 63

reb..March 508

6 00
6 00

6 00

6 63

Mcb..Aprll. 6 00
April-May.. 6 02

6 00
6 03

600 600
6 02 603

Hay^une..

6 04
6 05
6 06

605 6 04 6 03
eu6 6 05 608
6 07 606 8 07

6 03
6 05

6 07

6 07

6 07

6 06

d.

February... ees

June-July.

July.Aug
A»gust

.

Aij(j..8ept..

Mf

6 or

604 6 05 6 04 6 05

Wednea.,

Feb.'.j6.

Tues., Feb. 23.

til.

Op«n High Low.

OtoJ.

6 63

5 63 563 683
668 600 5 63 600
6 01

6 03

6 01

6 02

8 06

6 07

603 6 04 eoe

6 07

6 04

Clot.

d.

d.

d.

6 62
6 62
5 63

5 63
5 63
6 63
6 02

6 82
5 83
5 63

663
568
663

6 01
6 03
6 04

6 02
6 04
6 05

6 05
6 05

606
606

6 03

6 03

6
6
8
8

604 603 6 04
6 05 605 6 05
606 606 6 09 606

01

03
04
05
8 05

601
6 05
6 06

6C6
804 6 04

Ttanrs., Feb. 27.

Fri.,

85^8

April delivery
May delivery

June delivery
July delivery
Augustxlell very

c.

35

35

t^

85%

£
a°

8478

83%
83

«.

86%
86%
86%

85Je

86%
86%
86%
85%

84

84 °8

83>«

83%
V6%

8508
S4>9
83I9
861%

35=8

353b

86
86

86
85%
December delivery
o.
Indian corn did not fully maintain the slight recovery in
values which was made, noted at the date of our last review.
The receipts at the West were excessive, and the bulls, losing
courage, unloaded quite freely. Yesterday, however, there
was renewed buoyancy. The bulls were again in the ascendant in the speculative market and lower rates of ocean
freights had stimulated an increased export movement, so
that in the course of the day there was no little excitement.
To-day sales to realize caused some reaction, but the export
movement continued active.
DAtLT CLOSna PBIOBS OF HO. 2 lOXBD OOBN.
FH.
Wed.
Thurt.
iron.
Tfiet.
Sat.
35i«

0.

36°8
36
36
36
36H
37i«
37
36'8
36%
36%
1
37>4
37^8
3678
37%
37 Is
38>«
38>«
n
381$
38%
3778
Oats have been active, and prices showed on Tuesday and
yesterday a decided advance. The improvement has been

Anrll dellverv...... ....c.
....0.
May delivery
c.
June delivery
c.
July delivery

.

partly from sympathy with wheat and corn, but has derived
some impulse from an active speculation on Western account
predicated, it is probable, mainly on the low figures to which
prices had receded. There has, however, been some renewal
of buying for export. To day part of yesterday's advance
was lost, but the speculation continued active.

Friday.

Fair
Steadier.

86I4
8618
86I4
85I4
84I4
83>u
86I4

P51,

FH.

TIturt.

Tuet.

85%

;

:

—

Sales of the

0.
c.
0.
c.
o.

Wed.

lion.

Sat.

"la

I

DAn,T GliOSraO PBIOES OF no. 2 BED wnTTEB WHXAT.

March delivery

l»84®'l8 l»«4®'l8 "84**18 19e4»*18 I»e4»*l8
'l8

the business

west were added to the other influences, promoting a rise
in values. But it was not until Thursday that the speculation
for the rise became active, the bulls showing much confidence, the bears covering contracts freely, the weather still
bad, and cable advic?s better, accompanied by libaral buying
for export, about 300,000 bush, having been taken by shippers
this week, and the clearances for three days being 184,000
bush. .against about 13,000 bush, in the same period last year
To-day a firmer opening was followed by some decline, especially in the more distant deliveries,

1'8«

Indireot.e.

Do

Today

be freely executed at Tuesday's prices.

was quite active for the medium and better grades. Bye flour
and corn meal are steadier.
The wheat market made a considerable rally on Tuesday,
wh»n there was a large business for export, which with free
buying for local milling ran the sales of spot wheat to about
820,000 bushels. Unfavorable weather reports from the North-

.

•.

Liverpool, steam d.

[YOL. L.

DAILT QLOSmO PBIOBS OP HO. 2 MIXBD OATB
Tuet.
Wed. TKurt.
Fri,
Hon.
Sal.
27^4
2719
28
.>>
26%
28
c.
March deUvery
26%
27
...,
c.
27>a
?
26>a
April delivery
2638
267(1 '•
26
26>2
27^8
0.
May delivery
M
Rye has been quiet and nearly nominal, but yesterday there"
were some exports order on the market. Barley has been more
active for malting at steady prices.
The foUovring are closing quotations for wheat flour in
(Corresponding grades in sacks sell slightly below
barrels.
these figures):
FLOtJR.
City shipping, extras.
Kye flour, superfine..

?1 85®$2 15
2 203 2 50
Superfine
2 50® 2 90
Extra, No. 2
3 10® 3 70
Extra.No. 1
4 50a 4 85
Patent, spring
4 459 4 75
Patent, winter
Buckwheat Flour per 100 lbs., $1

*

Fine

bbl.

Fine

4 309 4 40
2 75 9 2 90
2 609 2 70

Corn mealWestern,

&c

2

30a$l

409 250

2 559

Brandywlne
45.

d.

Feb. 2S.

Wheat—
Spring, per bush...
Spring No. 2
Red winter No. 2..

Bed winter
White

Com— West'n mixed.

West'n mixed N0.2.
Western yellow
Western white

o.

0.

82
87

95
90
88
91
91
37

»
9
86%9
76 •
86 9
30 9

Kye—

o.

Western.. $bn.
State and Jersey

Oats-Mlxed
White
No. 2 mixed
No. 2 -white

35%9 36% Barley—
2-rowed
37 9 38Hi

..

55 «
54 9
27 «
28>a9
28 9
29>49

0.

57
60

48 9 52
54 9 88
60 » 70
The movement of breadstuflfs to market is indicated in th«
statement below, prepared by us from the figures of the Now
first give the receipts at WestYork Produce Exchange.
ern lake and river ports, arranged so as to present the comparative movement for the week ending Feb. 23, 1890, an^
since A.ugust 1, 1889, for each of the last three years:

Buckwheat

35
35

State

9

SS^i

4-rowed State

-a

38

Canada

We

Op«n Bith Lov).
d.

February... 600

Feb.-March 600
ltOb..Apm. 6 01
April-May.. 6 03
6 05
June-July.. 6 06
July-AuK.. 6 07

Hay- June..

d.

6
8
6
6

Clot.
d.

01

600 6 01

01

6 00

01
03

600

6 01
6 01

6 02

6 03

6 05
6 07

605 606
6 06

6 06

608 607 6 07
Aivnst. ... 608 606 607 8 07
Aug.-Sept.. 605 605 6 01 603

atm
d.

Biok Lov.
d.

d.

600 600 600
600 600 600
6 00 6 00 600
6 02 602 6 02
8 01 6 05 804
6 05 606 6 05
606 8 07 606
6 07
6 04

8 07
6 04

6 07

604

0pm

OIoi.

BiQk Low.

d.

4.

li.

d.

800
«00
600

8 01
6 01
8 01

601

6 01

6 02
6 05
6 06
6 07
6 07
8 04

604 6 04 8 03
606 6 08 606
6 07 603 6 07
60S 609 608
6 09 609 6 08
6 06

602 6
6 02

6 06

01

6 01

6 05

Clot.
d.

6 01
6 01
8 01
6 04

806
6 07
6 08

608
6 06

BteeipU atr-

OUoaKO
UUwaukee...
Dnlnth

835

for

wheat

flour has at times

shown some im

—

.

Cleveland.

.

.

Louis
Peoria

'

provement during the week under review more, however
in the volume of business and the confidence of holders than
On Tuesday a large business
iff a higher range of values.
was done for export, and the local trade bought quite freely,
and on Thursday it was found that export orders could not

Tot.wk.

8,816
4.335

'90.

Wheat.

Com.

Oat».

464.636
36.522
36.017
28.700

450.922
20,837
6,300

2,474
81,003
17.925

1,819,710

116.065
366,000

1,800

97.819
26,000

174,835
162,295

945,039

4,032,573

1,697,534

1,082,221

2,640,221

1,186,507

24,773

St.

Fkidat, p. M., February 28, 1890.

The market

JRour.

Barl«v.

jstia.iseuu BiM)i.60U» BiMh.56lbi Bu<'l.S2 Ibt BimH.48U»
1,060.309
810.834
I034ii9
1,196,837
65.486
60,090
133,700
62,':60
23,780
60,897
63,758
42,197
89.653
1S,803J

Minneapolis.

Toledo
Detroit..

BREADSTUFF S.

.

33>«
29>4
301a

472.20O

Sy
Bu.66lb(
29.600
12.780

«,(wi

39,058
4,639
36,100
83.600

IBB
19.850
8,869

657,028
477,327
465,327

68,S8T
38,178
36,300

Same wk.'89.
Same wk.'SS.

270,879

1,538.801

1,675,736

1,090,023

Since Aug. 1.
1889-90....
1888-89....
1887-88....

7,255,055
6,882,769
7,241.169

90,683,633

97,911.788

53,309,721

19,350,399

4,848.664

69,952,168

75,099,338

62,859.911

4,027.719

79,341.119

63,597,479

48,778,636

20,672,829
19,108,467

1,47S,27»

Habch

THE CHRONICLE.

1, 1880.]

The exports from the aeveral seaboard ports for the week
23, 1890, are shown in the annexed statement

ending Feb.
MtporU

New York
Boston. .
Portland.
Uontrtal.
Phlladel
Baltlm're
N. Orl'na.

WKtaA.

Bnnh.
115.328
21,637

Com.

OaU.

riour.

Buih.
610,075
00,789

Bblt.

61,394
30,478
1,262

Buth.
264,116

By*,

Bu$h.
8,4()6

827

packageB, valued at $107,017, their deatination being to the
points specified in the table below:

Pea$.

Nbw York

Week. Sinet Jan.

Bulk
19.443
16,883

103
26
762

Great Britain ...............
Other SnroDoan..... ........
China

870',438

36,099
71,796
1,084

423

Afrlo*
West Indies

1,037

8,682

30
130
551
94

294
879

N.News..
Blclim'd

ffvtweek.
Vme time
1889...

4,824
1,276
1,782

Arabia

87,6o6

412,832 3.332,517

202,112

351,116

105,855 2,214,314

143,304

2,596

8,406

36,326

South America .......•••••.

21,778
*

grain, comprising the stocks in granary
at the principal points of accumulation at lake and seaboard
porta, and in transit by water, Feb. 23, 1890:
BarUy
Bye,
Oatt,
Wheat,
Com,
bUMh.
buth.
buth.
ftu«A.
buth.
In ttore at—
182,675
143,338
1,524,964
3,9B0,8.')3
4,341,761
York
New
10,100 132,600 129,700
Do afloat...
174,000
93,050
37,050
54,200
45,700
Albany...
24,493 183.817
2,397
39,776
1,933,314
BuflWo
682,653
286,465
1,461,310
2,740,854
OMoago
4,695,338
94,750
707,220
196,957 159,689
Do afloat
72,330 251,898
1,973
3,470
Milwaukee
903,510
100,846
Do afloat
725,307
177,924
Duluth
4,609,343
Do afloat
73,000
2,824
26,392
18,646
334,676
Toledo
856,479
42,893
1,472
10,440 159,535
588,527
Detroit
290,000
64,000
45,000
Oswego
36.611
20,428
et. Louis
1,747,438 1,976,696 217,104
Do afloat
387,420
74,do6
21,000
13,000
11,000
ClnctnnaO
27,000
26,243
40.803
32,875
Boston
90,303
449,368
167,627
2,938
8,352
Toronto
181,299
160,968
85,048
Montreal
23,471
42,351
197,976
950,606
58,595
Phll.aclelplila
238,334
"9,800
'ee.oifs
580,341 203,425
Peoria
18.716
8.50
12,340 183,376
Indianapolis
107,972
74,C8l
Baltimore
584,311
641,505
29,335
Minneapolis
183,661
74,921
7,564,598
305,000
St. Paul...
40,905
575,198
On Mississippi.

Total
Chins, via Vancouver
Total

Feb. 22.'90.
Feb. 15,'SO.
Feb. 23,'89.
Feb. 25.'88.
Feb. 26,'87.

29,618,581
30,073,303
32,740,409
38.401,453
57,627,225

13,736,567
12,583,360
15,462,701
8,848,232
16,134,015

5,186.980 1,529,397 1,862.651
5,313,583 1,177,496 1,880,986
8,067,131 1,678,413 2.085,159
1,872,103
376,992 2.186,715
4,736,016 428,348 2,042,01

THE DRY GOODS TRADE.
New Yobk, Friday p. M., February 28,

1890.

BiKCt fan. 1.

31

1.873

23

284

3,891

9,769
1,239
1.09S
i.aes
3,039

39

" "9
655
89
35
650

688
810
6,770

492

81

661

2,732

19,730
3,178

5,603

27,493
16,079

2,782

22,908

6,603

43,672

From Mew England Milll points direct.

The value of the New York exports since January 1 have
been |1, 197,447 in 1890, against 11,571,389 in 1889.
The jobbing trade in staple cotton goods was more active,
and while the demand at first hands was chi! fly of a handto-mouth character transactions were somewhat numerotis
and reached a fair aggregate amount, Prices ruled steady on
df'scriptions of plain cottons and some makes of
bleached goods, as Mason ville and Blackstone. A A shirtings
were slightly advanced by the mill agents. Colored cottons
ruled quiet in commission circles, but prices are fairly steady
save in the case of cheviots and certain makes of denims, for
which it i» a buyers' market. Prints were mostly quiet in
first hands, but fairly active with jobbers, and "wash" dress
goods continued in steady request. Print cloths were in
moderate demand and easier on the basis of 3^o. flat to 3^c.
less Ji per cent, for 64x648 and 3 l-16c.@3}^c. for 56x608.

most

1890.
Block of Print Ototht—
Held by Providence manul'ers
Fall Elver manufacturers

Providence speculators
Outelde speculators (est)

1888.

1889.

Feb. 22.

Feb. 23.

316,000
34,000
None.
6,000

None.
3,000
None.
None.

Feb. 25.

0,000
16,000
None.
3,000

3,000
26.000
for imported fabrics
to expectations, though a slightly improved business in certain specialties was experienced in some quarters.
Dr€8S goods were relatively more active than other foreign
fabrics, lustre fabrics in particular having met with a very
Representatives of Paris houses have apfair distribution.
peared in the market with a view to taking orders for next
fall, but the impending legislation upon the tariff has rendered buyers very cautious in their operations. Prices of

356.000

Total stock (pieces)

Tot.
Tot.
Tot.
Tot.
Tot.

Wuk.

6,029

The visible supply of

*

1.

821
228

India
16",806

195,067 1.285,116
64,000 476,099

1889.

1890.

to Fbb. 25.

FORHIQN
was not up

Dry Goods.— The demand

somewhat unfavorable weather conditions there nearly ill fortign goods remain steady and unchanged.
•was a very fair business in jobbing circles during the week
Importations of Dry Gooda.
under review, and both staple and department goods were
The importations of dry goods at this port for the week
taken with considerable freedom by retailers from the West ending Feb. 27, 1890, and since Jan. 1, and the same facta
and South. As stated in recent reports of the market, retail for the corresponding periods of last year are as follows
buyers are rather more corservative than usual in their pur- H m
A
SI
chases, and there is less snap to the demand than expected by
E aS
Cur?
a 5^2 C
»2. e:>^. S'2.&
jobbers, but all indications point to a fairly satisfactory and
2g
eminently healthy spring business.
At first bands the deg
i:
mand was characterized by a good deal of irregularity.
Despite

**

Transactions with wholesale buyers on the spot were restricted
in volume, but there was a fair re-order demand from some of
the interior markets, and a very considerable distribution of
spring and summer goods was made by domestic commission
houses and importers on account of back orders.
Most descriptions of goods are steadily held in first hands, but jobbers
here and in interior markets have again shown a disposition
to "cut" prices on certain fabrics, in order to stimulate

I
ou
CiO)
OM

--OtOtSQO

OiOD

*-totc

wot

rf^MK)0-l
0100* CJO

t3
'qtta

OW<)CCM
CO

*i>

<1

X CO

OMi-<t0 0i
tOCOCOtft'Oi

rf^t^OOii-'

t'0<l<lW

wo
QDOO

w

too*

QOOOS«t<J

OiObOi^k to

os^'^Qo'io

MCOM-O —

00 00

trade.

Domestic Woolen Goods.— As a whole the market for
men's-wear woolens was dull and featureless, but a fair business was done in some descriptions and prices ruled steady.
For heavy cassimeres the demand was mainly confined to
the lower grades, though fair-sized orders were placed for
specialties in medium and fine qualities.
Heavy worsted
suitings and trouserings have shown more relative activity
than any other class of clothing woolens, and very fair orders
for piece- dyed and fancy makes were recorded by some of the
commission houses.
Rough-faced overcoatings continued
quiet, but there was a pretty good demand for kerseys and
beavers, leading makes of which are well under the control
of orders, and firm in price. Light-weight clothing woolens
were distributed in fair quantities on account of back orders,
and there was a moderate duplication demand for some sorts.
Satinets were more active in movement than demand, and
low-grade Kentucky jeans were in slightly improved request.
Soft wool and worsted drees goods were fairly active in jobbing circles, and there was a light business in flannels, blankets and carpets.
DoMES'no Cotton Goods.— The exports of cotton goods
from this port for the week ending February 85 were 2,732

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THE CHRONICLF.

328

^vnst ^ompnuUs.

^omvnnits.

'gvnst

Union Trust Company Manhattan
OF

NEW YORK.

...
...
m

78 Broadway,
OAPITAI.,

SURPLUS,

cor.

Rector St,N.T,
(1,000,000
3,53T,160

Amthorlsed to act
Bzeontor, Admlnlatrator
guardian, Receiver, or Trustee, and iB

A LBQAL DBP08ITORT FOR MONHT.
Aooepts the transfer aKency and roKlstry of stocks,
of mortKaKes of corporations.
Allows Interest on deposits, which may be made
ftt any time, and withdrawn on five days' notice,
with Interest for the whole time ther remain with
he company.
For the convenience of depositors this company
Also opens current accounts subject. In accordance
with Its rules, to check at sight, and allows Interest
upon the resultliiK daily balances. Such checks pass
t^rouffh the ClearinK House.

kQd aou as Trustee

Wm. WhltewTlKht,

TRUSTEHS

Henry A. Kent,
B. T.Wilson,

Wm. K. KusselU
CD. Wood,

H. Frothinjiham,.
QcorKe A. Jaryls,

I.

iames N. Platt,|
C. Hays

C. Vanderbllt,

1.

Wm. Alex. Duer,
Uharles U. Lelaud,
dward
II.

'

James M. McLean,
Ambrose C. Elnnsland.
James H. Oifllvle,
James T. \Voodward,

Edward

Amasa

D. H. McAlpln.
Gtoorge B. Oarhart,

Parker,

EXECUTIVE COMMITTEE:
Wm. Whltewrlght,
G. Q. Wll.lams,

James McLean,

KING,

T.J. Cooltdge.

Jr.,

Bos.

R. T. Wilson, N. Y.

Henry

Field. Chicago.
Norton, N. V.

J.

Waterbury, N. V.

I.

H. O. Northcote, N. T.

F. O. French, President. J. L Waterbury. V.-Pres.
C. W. Haskius, Secretary. A. T. French, Treasurer.

ALLOWS INTEREST ON DEPOSITS. EXECUTES TRUSTS OF EVERY DESCRIPTION.
REGISTRAR AND TRANSFER AGENT

The Brooklyn Trust Co.,
U.ti.4

percent^

Bonds at
Capital andSnrpIoei

par.

81,000.000 00

IMTKKKST Al.(OWB" ON

President.

JAMES M. MCLEAN, First VIoe-Prest.
JAMES H.OGILVIE, Second Vlce-Pres't
A O. B0NALD80N, Secretary.
A. W. KBLLET Assistant Secretary.

This company Is a legal depository for moneys
paid Into court, and Is authorized to act as guardian

returnable at tlxed datea.
Checks pass throadh New York Cleartng-Honae.
I9 a safe deposltury for funds awaiting mvest-

Authorized by special charter to act as executor,
trustee, administrator, Kuardiao, committee, receiver, or In any ot her position of trust.
is a designated depository for Court moneys.
Acts as repistrjir or transfer agent of stock and
bonds, and as trustee for railroad or other corporation moitgages.
Kxecute orders la U. S. Bonds and other invest-

KIPLKT ROPES, President.
CURKAN. Secretary.
FREDK. C. COLTON, Asst. 8eo.

JAS. ItOSS

JoslahO. Low, [John T. Martin, Wm. H. Male,
Alex. M. White, Fred. Cromwell, Ripley Ropes,

John P. Rolfe,
Abram B.Baylifl,
A. A. Low,
Mich'lChauncey.i H'v K. Sheldon. H. W. Maxwell,
I

IC.

B. F. Knowlton,

1

D.Wood.

or trustee.

INTEREST ALLOWED ON DEPOSITS,

Which may be made at any time and withdrawn
after five days* notice, and wUI be entitled to InterMt for the whole time they may remain with the
oompany.
Executors, administrators, or trustees of estates,
and WOMEN unaccustomed to the transaction or
business, as well as religious and benerolent institutions, will find this company a convenient depository for money.
JOHN A. STEWART, President,
GEORGE BLISS, Vice-President,

JAMES S. CLAKK. Second
TRUSTEES

Vloe-Pres't.

:

Wilson O. Hnnt, Krastus Coming,, Chas. 8. Smith,
Clinton Gilbert, JohnH.Rhoades, Wm.Rockef eller,
!

Daniel

Anson P. Stokes, Alex.

Lord,

1).

K. Orr,

Robt.B.Mlnturn, VVm.H.Macy.Jr.,
Geo. H. Warren, Wm. I). Sloane,
George Bliss,
O. H. Schwab,
Frank Lyman,
D. Willis James, Wm. Llbbey,
John J. Astor, iJohn C.Brown, Geo. F. Victor.
John A. Stewart, Edward Cooper,
H. E. Lawrence, W.B'y'rdCutting
HENRY L. THORNELL, Secretary.
LOniSG HAMPTON, Assistant Secretary.

Jamuei Sloan,
ames Low,
Wm-W.Phelps,

1

.

Holland Trust Company,
No. 7 Wall Street, New York.
8300.000 Surplus, 83S-J,l-^3 13
CORRESPONDKNTS

Capital,

I

De Twentsche
land; B.

Bankvereeuiging, Amsterdam, Hol-

W. Blydenstein & Co.. London, England.

Allows Interest on deposits and interest on balances of active accounts of merchants and others.
Transacts a general banking business.
Lends money on promisaory note, with New York
or Brot'klyn appraised real estate first mortgage,
with title guarantee policy, as collateral security.
Acts as Executor, Trustee and Guardian, under
wills, for the fixed statutory charges; also as Heglstrar. Trustee, Transfer and Liuancial Agent for
States, Cities, Railroads, Towns, and other corporations, and for Real Estate Mortgages with Coupon
Bonds in New York Brooklyn, and elsewhere
Collects Rents, Coupons and Dividends,
Negotiates State. City, R'y and Corporation loans.
;

TRUSTEES:
Barrett A.

Van

Allen,

Warner Van Norden,
James B. Van Woert,
G. Va» Nostrand,
John R. Plauten,
Henry W. Bookstaver,

Robert B. Roosevelt,
Geo. M. Van Hoesen,
William Dowd,
William Remsen,

W. D. Van

John D. Vermenle,
John Van Voorhls,
W. W. Van Voorhls,*
Geo.

W. Van

Siclen,"

James Roosevelt,
Augustus Van Wyck,
Jotnam Goodnow,
George

F.

Hodgman,

Peter Wyck iir.
Daniel A. Heald,

Vleck,

ROBERT B. ROOSEVELT, Presldtot.
JOHN D. VERMBULK, Vice-President.
GEO. W. VAN SICLEN, Secretary.

Metropolitan Trust Co.,
39

and 30 Wall

Falil-Up Capital

Street,

~~

WASHINGTON
TRUST COMPANY
of tub city of new york.
CAPITAI4

SURPLUS

-

-

-

-

280

Broadway.

~

-

-

$500,000

-

-

-

S1>OOU,000

THOMAS UILLIIOUSE, President.
FREDERICK D. TAPPE.V, Vice-President.
CHARLES M. JKSUP, Vd VIce-P.esident.
—
BEVERLY CHEW, Secretary.

—

FAIRCHILD,

S.

WM.

$>*^50,00(l

Theo. A. Havemeyer,
Beth E. Thoma;',

L. T. Powell,
George L. Pease,
Wm. H. Hall,

Lucius K. Wilmerding,
George A. Morrison,
Joseph C. Baldwin,

8.

James StiUman,
A. Backer,

E.N.Oibbs.Norwioh.Ooan.
William T. Booth.

0. C. Baldwin,

Edward Uhl,
Daniel S. Lament,

Stuart G. Nelson,
C. D. Borden,

Aug. Kountze,

JOHN

L.

LAMSON, Secretary.

The Nassau Trust Co.
OF THE CITY OF BROOKLYN.
New York
101 Broadn'ay, Brooklyn, N* Y.

Organized under the laws of the State of

CAPITAL

Charles F. Clark,

ns.

of Pennsylvania.
133 and 137 8outh 4th St., Philadelphia.
Cbabteb Psbpitdai..
$5,000,000
CAPITAL

...

Conducts a general Banking Business. Accepts
the transfer aRencjr and reKistry of stocks. Acts as
Fiscal Agent for payment of interest, coupons, Ac,
and as Trustee of Mortgatfcs vf Corporations.
Allows interest on daily balances of accounts of
Banks, Bankers and others. Buys and sells foreign
exchange.

Railroad I.oana a Specialty.

WHARTON BARKER, President.
CHARLEMAGNE TOWER, JB., Vice-President
SIMON A. STERN. Treasurer.
BUSSKLL STUBQIS HUBBARD,

$500,000.

Deposits received on time or subject to check.
Interest allowed on daily balances, and speeM>
rates on dt po lits for a specified time.
Authorized by law to act as Executor. Adminls*
trator. Guardian, Trustee, Receiver, Fiscal and
Transfer Agent and as Registrar of Stocks and
Bonds is a legal depository for Trust Funds, and
for moneys paid into courtAccounts of Religious and Benevolent Institn
tions. Societies and individuals solicited.
Checks on this Company are paid through th*
New Tork Clearing House.

Telephone, 090 Wllliamsbarg.

A. D.

WHKEIjOCK,

President.

WU.LIAM DICK,
Prns'tj.
vIce-Pres
t».
JOHN TRUSLOVV, (t vira
O. F. RICHARDSON, Secretary
TRIESTE kN:
T.A. Havemeyer, CD. Wood
Wm. Dick,
F. W. Wurster,
Wm. H. Male,
A. D. Baird.
Darwin R.James, Bernard Peters, Low. M. l^almer
Wm. K. Horwill, Joseph F.Knapp
H. H. Rogers,
Geo. H. Prentiss, Joel K. Freeman,
E. B. Tuttle,
John Trusiow, Jno. T. Willetts, Wm. F.Garrison,

Thos.F.Rowiaud.Chas.H Russell, A. D. Wheelock,
Ditmas Jewell. John Lougbran. Kdwd. T. Huist.!

Trust & Savings
Bank,
CHICAGO, ILL..

Illinois

CAPITAL AND SURPLUS, - 81,^00.000
IKTERE8T ALLOWED ON DEPOSITS.
This Bank is directly under the jurisdiction and
supervision of the State of Illinois, is a LEGAL
DEPOSITORY for Court Moneys, and is authorized

TKUSTKE. EXECUTOR, RECEIVER and
ASSIGN KE for ESTATES, INDIVIDUALS and
CORPORATIONS.
to act as

OFFICERS:
John

J. Mitchell,

John

President.

B. Drake, Vice-President.

Wm. H.Mitchell,
James

S.

Second Vice-Prealdent'
Uibbs, Cashier.

DIRECTORS
John McCalTery,
L. Z. Lelter,
Wm. H. Mitchell,

George Sturges,

John

:

B. Drake,

Wm. H. Held.
John J. Milcbell,
Wm. ti. Uibbard,

J.C. McMullin.

Provident Life

&

Trust Co.

OF PHILADELPHIA.
Incorporated Third Mo.,

2iid,

1865

(CHARTER PERPETUAL

)

CAPITAL

81.000,000
ASSETS, $22,696,592 98
LIVES,
GRANTS
ANNUITIES,
BKINSURES
CE1VE8 MONEY ON DEPOSIT, returnable OB
demand, or on which interest is allowed, and ia
empowered by law to act as EXECUTOR, ADMINISTRATOR, TRUSTEE, GUARDIAN, ASSIGNEE
COMMITTEE, RECEIVER, AGENT, etc, /'or the
faithful performance of which Us capital and
surplus fund luruish ample security.
All trust funds and Suvestmeutsare kept separate
and apart from the assets of the company
The income of parties residing abroad careful
collected and duly remitted.
SAM'L R. SHIPLEY, President.
T. WISTAR UKOWN, Vice-PresldentASA 8. WING Vice-President and Actuary

Secretary.

JOSEPH GILLOTT'S

STEEL PENS.
GOLD MEDAL,

Vice-Prest.

John King,

M.

The Finance Company

oi

Vice^res't

Lioomis L. White,
Jas. J. Hill. St. Paiil.Mlnn
Hudson Iloagland,
Roswell i*. Flower,

Fairchlld.

Wm. H. Appleton,
Wm. L. Strong,
Wm. F. Buckley,
Wm. A. Booth,
Wm. U. TUilnghast,
Wm. H. Beers,
Wm. L. Scott, )Srle, Pa.

Patrick Farrelly,

George E. Hamlin,
P. C. Lounsbury,

By the provisions of its Charter this Company li
authorized to receive d^'posits on time, or subject
to check through the New York Clearing-Uouse
allow interest on daily balances, and s-pecial rates
on deposits remaining a si eeiHed time; issue cer
tiflcates of deposit; act as Executor, Administrator
Guardian, Trustee, Receiver, Fiscal and Transfer
Agent, and Hegistrar of stocks and bonds, and do
any and all other business usually done by Trust
Companies of responsibility and standing.

Nesotlatlon

1st

STRONG, 2d

TRUSTEES.
Chaa.

S.-

Joseph F. Knapp,
David M. Morrison,
Henry H. Roirers,
Charles H. Russell,
George H. PrentisB,
Joel F. Freeman,

Waldo Hutch

L.

This Company is a le^al depository for Court and
Trust funds. Allows interest on deposits. Acts ae
Executor, Trustee, Administrator. Guardian, and
Receiver. Takes entire charge of Real and Personal Estates.
Acts as Register and Transfer
Agent of all Stocks and Bonds.

M.

TRUSTEE

Pres't.

APPLETON,

H.

CHARLES F, CLARK
MORRISON.
Pretiident.
Vice-President.
FRANCIS H. PAGE, Secretary,

DAVID

New York.

Surplus.......
...
tiUi,:ii)0
Designated as a legal depository by order of
Supreme Court. Receive deposits of money on
Interest, act as fiscal or transfer agent, or trustee
for corporations, and accept and execute any legal
tmsts from persmis or corporations, on as favorable
terms as other similar companies.

^

J.J. Pierrepont,
C. M. Pratt.

THE

Stewart Building,

CHARLES
WM.

;

TltUSTEES.

Wm. B.Kendall.

81,000,000 0«

.

....

01fit*0»ll>'.

ment securities.

OF NETf YORK,
45 and 47 Wall Street.
CAPITAL. AND SURPLUS, • 88,000,000

.

INVESTED IN UNITED STATES BONDS.
SURPLUS
8300,000 OO

$'^/200,000 00

wnich may be made subject to check at sight or

United States Trust Co.

.

-

)

ment

E. B. Wesley,
O. D. Wood,
A. 0. Klngsland.

EDWARD

H. W. Cannon, N. T.
[John R Ford.N . T

STREET.

46 ^VALI.

CAPITAL

N.T.James O. Sheldon, N.Y.
A. S. Rosenbaum, N. T.
gam'! R. Shipley. PhUa.

Jr.,

E. D. Randolph, N. Y.
C. C. Baldwin, N. Y.
Chas. F. Tag, N. Y.

C

Samuel F. Barger.
Geo. <\ MaKoun,'
Ohauncey M. Depew,
H.yan Rennsel'r Kennedy, W. Bmlen Roosevelt.'

a«0. C. MagouQ.
D. C. Hays

August Belmont,

CAPITAL ^m

Schell,

J.

F. O. French. N. Y.
R.J. Cross, N. T.
H. L. Hlgginson, Boston.

Ex.

York Security and
Trust Company,

•1,000,600

DIBBOTORS:

anil Cliuton Streets.
(entirely Invested J

O. O. Williams,
R- O. Remsen,

B. Wesley,

CAPITAL.,

C!P0tn|)»ui«s.

New

ST.,

Corner Montaene

A. A. Low,

KlnK

3grtt«t

Trust Co.
NEW YORK.

WALL

No. 10

[Vol. L.

Augustus Floyd,
42 .PINE iSTREET,

Paris expos;tion, 1889.

THE MOST PEBi:e^T OF P^NS.

INireSTinEKT ^SECURITIES.